With the First City Monument Bank (FCMB) Energy Finance Loan, Nigerian homeowners and small business companies (SMEs) can now borrow up to N10 million to buy solar panels, batteries, inverters, and other green energy equipment.
The loan is intended to support renewable energy use in homes and small enterprises like hospitals, schools, restaurants, bars, shops, hotels, and fashion establishments.
The Managing Director of FCMB, Mrs. Yemisi Edun, commented on the energy loan product, calling it “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.”
“Access to energy drives economic growth and development. FCMB Energy Finance’s 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 usage of tiny gasoline generators to power homes and small businesses, the bank improved the product to mitigate the effects of reduced subsidies on conventional fossil fuels, which have increased gasoline prices nationwide.
George Ogbonnaya, Group Head of Business Banking at FCMB, made the following statement: “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.”
Ayo Ademilua, president of the Nigerian Renewable Energy Association, praised the product and 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.”
Ayo Ademilua, president of the Nigerian Renewable Energy Association, praised the product and 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.”
Dr. Segun Adaju, the CEO of Consistent Energy Limited, said: “The 2023 Electricity Act promotes private-public sector partnerships, allowing private companies to participate in the renewable energy space and catalyse 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’’.
