…as Access collaborates with REAN to drive clean energy project
BY SAM OTUONYE
To enhance family happiness and small and medium business growth in the face of incessant grid failure and power outage, First City Monument Bank (FCMB) has boosted its energy finance loan, offering up to ₦30 million to help Nigerian households and small businesses buy solar panels, batteries, inverters, and other clean energy equipment.
With up to three years of repayment, this loan aims to ease financial pressures, allowing businesses to allocate more funds to growth and operations.
This loan enhancement is part of FCMB’s mission to promote sustainable energy solutions in Nigeria, supporting the country’s net-zero goals for 2060.
The offering also helps offset the increased energy costs following the removal of the fuel subsidy, reinforcing FCMB’s commitment to climate action and reliable power access.
Yemisi Edun, Managing Director of First City Monument Bank, said upgrading their energy finance loan will boost Nigeria’s renewable energy sector.
“This loan gives households and businesses easy access to affordable funding for clean energy solutions, supporting sustainable growth.
“It also helps offset the rising fuel prices caused by the removal of the fuel subsidy.
“At FCMB, we’re committed to helping people and businesses succeed while backing the government’s push for a stable and sustainable power supply.”
George Ogbonnaya, Group Head of Business Banking at FCMB, said, “at FCMB, we are dedicated to helping businesses thrive. Our new energy finance loan helps businesses and homes access clean energy.
“It is affordable, accessible through a simple digital process, and designed to support job creation, boost our economy, and promote environmental sustainability.”
FCMB has led the way in advancing renewable energy through funding, capacity-building programmes, and linking clean energy providers with consumers.
Over the last three years, FCMB has financed numerous projects, from solar and mini-grids to energy-efficient plants.
The bank has also provided free training to support development in the sector.
The Development Bank of Nigeria recently recognized FCMB as the “Best Bank for Impact on MSMEs Accessing Credit for the First Time in Nigeria” and “Highest Disbursement to Sustainability Projects.
“A member of FCMB Group Plc, FCMB continues to build a sustainable ecosystem that connects people, capital, and markets across Africa.”
Similarly, the Renewable Energy Association of Nigeria (REAN) and Access Bank have displayed commitment to ensure that renewable energy issues are brought to the front burner. This was demonstrated at REAN’s Renewable Energy Conference 2024 with the theme, “Unlocking affordable energy for all.”
Speaking at the event, Ayo Ademilua, President of Renewable Energy Association of Nigeria (REAN), noted that the association was honoured to have Access Bank as a partner in the quest to promote renewable agenda.
“We are glad that Access Bank is in this with us. The renewed drive demonstrated by Access bank in recent weeks, concerning our industry, is encouraging. The bank has the willingness to support and drive clean energy access. I believe that they will put actions behind those words,” he added.
Briefing the gathering, Gregory Jobome, Executive Director, Risk Management, Access Bank, said the financial institution sees the REAN Annual General Meeting as unique as the theme of the meeting speaks directly to a core challenge faced in Nigeria and across Africa.
He said, “At Access Bank, we recognize that energy is not only the backbone of economic development but a fundamental need that touches every aspect of life. Our commitment to renewable energy initiatives stems from the belief that affordable and sustainable energy is essential for a brighter and more inclusive future for Nigerians.
“Today, we stand at a crossroads where renewable energy is not just an aspiration but a necessity. Access Bank is proud to work with REAN and other industry players to support projects that can transform Nigeria’s energy landscape. We know that financing sustainable solutions requires more than just funding.
“It requires vision, partnerships, and a commitment to removing the barriers that have restricted access to affordable energy. Through collaborative efforts and innovative financing solutions, we can create a framework that attracts investments, fosters local manufacturing, and incentivizes clean energy projects.
“This conference provides the unique platform to share ideas, insights, and strategies that can propel us toward achieving universal energy access. I am inspired by the work that each of you is doing in this field and am confident that our discussions today will lay the groundwork for impactful progress.
“We also must impact our planet positively. We got very early exposure in a global context, working with the likes of the IFC, FMO, DG, World Bank and other global players. That early interaction meant we were able to make the business case for operating in this manner, and that’s why we have set up a sustainability unit since 2008.
“Now, we are at the cusp of further transformation for Nigeria. The world is transforming, in terms of the net zero journey and Sustainable Development Goals (SDGs). Access Bank has been preparing. We are leading that chart to ensure that more of our colleagues and players participate in this journey,” Jobome concluded.