Access Bank has launched the "Switch to Solar by Access" campaign to provide affordable financing for solar PV systems and batteries, supporting sustainable development. Njideka Esomeju, Group Head of Consumer Banking emphasized that the initiative aims to boost lending in the solar energy sector and promote environmental sustainability.
Promoting Clean Energy in Nigeria
Access Bank, Nigeria’s largest bank by assets, has announced the launch of its new campaign, "Switch to Solar by Access," aimed at facilitating the adoption of solar energy. The initiative is designed to offer affordable financing solutions for businesses and individual customers seeking to transition to solar photovoltaic (PV) systems and batteries. This move reflects Access Bank’s commitment to sustainable development and social responsibility.
Access Bank's 'Switch to Solar' campaign offers affordable financing for solar energy adoption in Nigeria.
Njideka Esomeju, Group Head of Consumer Banking at Access Bank explained that the campaign is part of the bank’s broader strategy to boost lending within the solar energy sector. “Recognizing the vital role of renewable energy in reducing carbon footprints and promoting environmental sustainability, we are introducing this initiative to help people acquire solar power products through flexible financing options,” Esomeju stated.
Esomeju highlighted the campaign’s dual objectives. Firstly, it aims to reduce energy costs for households and businesses. Secondly, it seeks to provide a cleaner and more reliable power source. The bank will finance the solar products, which include panels, batteries, and inverters, making it easier for customers to make the switch.
Making Solar Energy Accessible to All Segments
To ensure the initiative’s success, Access Bank is partnering with accredited vendors nationwide. This collaboration is designed to secure favourable rates for solar products. The bank’s goal is to make solar energy accessible to all segments of the population: including households, commercial enterprises, and industrial factories.
Bolarinwa Animashaun, the Regional Sales Director of Access Bank, discussed the alignment of the campaign with the bank’s Environmental, Social, and Governance (ESG) goals. “The switch-to-solar initiative emerged from our engagement with customers. We recognized the need to help them find alternative power solutions given the high cost of electricity tariffs,” Animashaun said.
He added that the bank’s initiative aligns with the United Nations’ seventh ESG goal, positioning Access Bank as a global leader in sustainable practices. The financing product is designed to be user-friendly, allowing customers to make payments over 48 months without undue pressure.
Abiodun Olubitan, Group Head of the W Initiative at Access Bank, emphasized the campaign’s focus on women and women-led businesses. “Our commitment to gender empowerment is reflected in our efforts to make this product accessible to women at a discounted interest rate. We aim to support women in scaling their businesses effectively,” Olubitan explained.
She pointed out that one of the major target markets for the "Switch to Solar" campaign is underserved communities, where women constitute a significant portion. “We want to ensure that this product reaches women and helps them contribute to environmental sustainability,” she added.
Loan Covers the Entire Cost of Solar PV Systems
Thelma Luke Nwoye, Unit Head of Consumer Lending at Access Bank outlined the campaign’s objectives. “We aim to raise awareness about the benefits of solar energy and its impact on environmental sustainability. We plan to take this message to communities one by one,” Nwoye said.
She explained that the bank will finance the entire range of solar products: including panels, inverters, batteries, and installation costs. The campaign offers competitive interest rates and flexible repayment terms, ranging from 12 to 48 months; with an equity contribution as low as 10 percent.
The "Switch to Solar by Access" campaign will provide financing of up to N50 million for businesses and N10 million for individuals. This financing will cover the cost of solar PV systems, batteries, inverters, and installation, making solar energy more accessible to a broader audience.
Overall, Access Bank’s initiative represents a significant step towards promoting renewable energy in Nigeria. By providing affordable financing options and targeting underserved populations, the bank aims to make solar power a viable and attractive alternative to conventional electricity sources. This campaign supports environmental sustainability and contributes to economic and social development in the region.