Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, has announced a partnership with Keystone Bank Limited and other leading banks in Nigeria to provide retail financing for the rollout of prepaid meters to its customers within the coverage area of its partner Distribution Companies (DISCOs) across the country.
This is a major step ahead of the commencement of the much-anticipated Meter Asset Providers (MAP) scheme.
The partnership announcement was made at a press conference and Memorandum of Understanding signing ceremony held in Lagos on Monday, April 15, 2019, between Mojec and the partner banks. The partner banks include Keystone Bank, Unity Bank, Zenith Bank, Polaris Bank, First Bank, Wema Bank, Sterling Bank and First Option Microfinance Bank.
MAP is a scheme approved by the Nigerian Electricity Regulatory Commission (NERC) through a regulation meant for the provision, supply, installation and maintenance of end-user meters by Meter Asset Providers with a view to fast-tracking a closure of the metering gap and end estimated billing in Nigeria.
Speaking at the event, the Managing Director/Chief Executive Officer, Mojec International Limited, Ms. Chantelle Abdul disclosed that the company was determined to bridge the metering gap in the power sector by ensuring the provision of top-quality electricity meters to consumers in Nigeria.
“Now that MAP is here, Mojec is once again blazing the trail in the provision of high-end quality pre-paid meters to consumers, helping to reduce the financial burden estimated electricity billing is putting on electricity consumers,” Abdul said, noting that Mojec as a company has invested a lot of resources, positioning it as best suited to meet the metering needs of all consumers within the coverage of its partner DISCOs.
She further explained that Mojec would be partnering with eight DISCOs including, Ikeja Electric, Eko DISCO, Abuja DISCO, Kano DISCO, Enugu DISCO, Jos DISCO, Ibadan DISCO and Kaduna DISCO covering about 20 states of the federation.
In his remarks after the MoU signing, the Acting Managing Director/CEO, Keystone Bank Limited, Mr Abubakar Danlami Sule, represented by Mr Yemi Odusanya, Executive Director, Corporate Bank & South Directorate shared the bank’s driving motivation for the partnership. “The importance of energy in the growth of businesses and for the livelihood of homes in Nigeria cannot be overemphasized.
“Energy cost is by all standards the major cost line in most homes and businesses.
“The scheme is set to eradicate the unnecessary prevalence of estimated billing which deprived the national economy of funds which otherwise could be deployed into other productive use.
“We are therefore excited to be part of this initiative to bring electricity to homes and businesses at the most prudent cost, putting households and business in control of their expenditure pattern.” He concluded.
Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.