Nigerian households and small-scale businesses looking to adopt eco-friendly energy solutions such as solar panels, batteries, and inverters can now access funding of up to N10 million through the FCMB solar Energy Finance Loan offered by the First City Monument Bank (FCMB).
The Energy Finance loan initiative aims to assist homes and small businesses, including hospitals, schools, restaurants, hotels, stores, bars, and fashion establishments, in adopting clean energy technology to sustain their daily activities.
How Real and Accessible Is the FCMB Solar Energy Finance Loan for small businesses and households in Nigeria?
The First City Monument Bank (FCMB) has just unveiled a special Energy Finance Loan meant for small businesses which contribute over 45% to Nigeria’s gross domestic product (GDP), and provide 84% of jobs. The special energy loan is also for Nigerian households.
The bank claims that small businesses and households in Nigeria looking to acquire solar panels, batteries, inverters, and other green energy equipment can apply for, and get approved loan up to N10 million to buy these assets using the Energy finance loan.
The question to ask FCMB is, how real and sustainable is this Energy loan finnace and what are the modalities for accessing it? Will the bank make the process seamless and application without the usual traditional bureaucracy occasioned with loan processes in commercial banks in Nigeria? Also will it be available for the many Nigerian small busnesses who have been struggling lately financially through the increasing cost of production and overhead and
FCMB claims the loan is designed to help homes and small businesses like hospitals, schools, restaurants, bars, stores, hotels, and fashion places keep life and work going by using clean energy.
FCMB CEO, Mrs. Yemisi Edun Gives More Details About the FCMB Energy Loan Finance
Mrs. Yemisi Edun, the Managing Director of FCMB, characterized this energy finance product as a significant step to foster clean and renewable energy while providing relief to Nigerians.
She emphasized the bank’s commitment to supporting sustainable energy solutions to drive economic growth, improve living standards, and contribute to overall development.
The FCMB Energy Finance Loan has been enhanced to counteract the impact of reduced subsidies on conventional fossil fuels, a situation that has led to increased petrol prices nationwide.
As households and small businesses frequently resort to gasoline generators, the loan seeks to enable easier access to cleaner and more affordable energy sources.
George Ogbonnaya, Group Head of Business Banking at FCMB, highlighted the loan’s flexibility, offering repayment periods of two to seven years with competitive interest rates.
He encouraged individuals, especially small business owners, to embrace the opportunity to lower their energy expenses.
Renewable Energy Industry Watchers Commend the FCMB Energy Loan Finance
Renewable energy industry leaders also commended FCMB’s initiative. Ayo Ademilua, President of the Renewable Energy Association of Nigeria, hailed the loan as timely and innovative, addressing the growing demand for alternative energy solutions due to rising petrol costs.
Dr. Segun Adaju, Chief Executive of Consistent Energy Limited, lauded the bank for aligning with the 2023 Electricity Act and facilitating the adoption of clean energy sources through accessible financing, thereby contributing to Africa’s energy, climate, and development goals.