Nigerian families and small businesses interested in purchasing solar panels, batteries, inverters, and other green energy equipment can now get up to N10 million through the First City Monument Bank (FCMB) Energy Finance Loan. The loan is intended to assist homes and small enterprises such as hospitals, schools, restaurants, bars, stores, hotels, and fashion establishments in maintaining life and work by utilizing clean energy.
Commenting on the Energy Loan product, the Managing Director of FCMB, Mrs. Yemisi Edun, described it as “another bold intervention by the lender to unlock the potential of the renewable and clean energy sector, provide relief to Nigerians, and encourage clean energy.”
She said: “Access to energy drives economic growth and development. The FCMB Energy Finance offering is a reaffirmation of our commitment to eco-friendly energy finance to fight climate change, drive the growth of businesses, improve the quality of life, and accelerate development through environmentally sustainable energy solutions. With the removal of the petrol subsidy, more Nigerians are focusing on alternative energy sources to power their homes and businesses.
“We will continue to scale up our support to individuals and businesses to enable the country to take full advantage of the opportunities in these areas for the overall benefit of humanity’’.
Given the widespread use of tiny gasoline generators to power households and small businesses, the Bank improved the product to mitigate the impact of decreasing subsidies on traditional fossil fuels, which has resulted in a spike in petrol prices across the country.
In his comment, the Group Head of Business Banking at FCMB, Mr. George Ogbonnaya, said:
“We understand the challenges individuals and businesses face in securing funding to provide clean and sustainable power. The FCMB Energy Finance loan is structured to eliminate these challenges. It is a flexible facility with two to seven years of repayment options at competitive interest rates. We urge Nigerians, especially small business owners, to take advantage of this opportunity to reduce energy costs for their homes and businesses’’.
Applauding the product, the President of the Renewable Energy Association of Nigeria, Mr. Ayo Ademilua, said:
“The energy finance loan is innovative and coming at the right time when the market needs alternative energy solutions mostly due to PMS price increase”.
Speaking on carbon financing, the CEO of Consistent Energy Limited, Dr. Segun Adaju, said:
“The 2023 Electricity Act promotes private-public sector partnerships, allowing private companies to participate in the renewable energy space and catalyze investments through carbon trading. The carbon trading market has become attractive, and more parties are beginning to promote carbon trading in Africa following the Africa Carbon Markets Initiative (ACMI) established in 2022 to unlock the potential of voluntary carbon markets for financing Africa’s energy, climate, and development goals. It is heartwarming that FCMB has keyed into this by providing a platform through the FCMB Energy Finance Loan product to provide the much-needed funding to Nigerians to acquire affordable clean energy sources’’.
FCMB has taken the lead in deepening the renewable energy field through three strategies: capacity building, finance access, and chances to connect renewable energy entrepreneurs with end-users. Over 50% of Nigeria’s significant developers have received loan funding from the bank for mini-grids, commercial, and solar household systems. It has so far spent about N7 billion on energy efficiency projects ranging from mini-grids to solar energy and other energy efficiency initiatives.
The FCMB Group Plc includes First City Monument Bank (FCMB). The Bank is dedicated to supporting equitable and sustainable growth in its communities, and it aspires to create a supportive ecosystem anchored in Africa that connects people, capital, and markets. FCMB contributes to the economic well-being of businesses and Nigerians by providing innovative financial solutions such as Energy Finance loans.
