Meniga obtains independent assurance on its transaction-based carbon footprint calculator

By Joy Dumasia

Meniga, the global leader in Digital Banking and personal finance solutions, announced that the index underpinning its innovative green banking solution ‘Carbon Insight’ which allows banking app users to track and reduce their carbon footprint, has been reviewed by EY, one of the “Big-4” accounting & professional services firms in the world.

With EY’s conclusion, Meniga continues to bolster its offering of green banking products, enhancing the credibility of the Carbon Index and establishing it as a possible benchmark for carbon footprint measurement tools. Meniga’s Carbon Index is the first solution of its kind to receive such a review, further underlining Meniga‘s credentials as the leading provider of carbon footprinting solutions in the world.

According to EY’s Future Consumer Index, people increasingly want to make sustainable choices and companies need to respond to the growing demand for eco-friendly products & services. Financial services organisations are no exception to this, and many banks are recognising the unique opportunity and tangible business value that green banking solutions can bring in serving the needs of the rapidly growing segment of carbon-conscious consumers. According to a recent survey by Meniga, 62% of European consumers want their bank to provide them with an overview of their carbon footprint.

Bragi Fjalldal, CMO & VP of Business Development, said: “EY’s assurance is a major milestone on our journey towards mass adoption of our Carbon Insight solution by banks across the world. We expect our solution to be live in 5-6 countries by the end of the year as more and more banks recognise the opportunity they have to take a firm position in the fight against climate change together with their customers. Third-party review is key to establishing credibility for a solution of this complexity, and this has been a clear expectation of the banks who have signed up to date. We are extremely proud to be the first solution of this kind to go through this independent assurance.”