Access Bank, the biggest bank in Nigeria in terms of assets, has launched the “Switch to Solar by Access” campaign, which aims to provide consumers and companies with reasonably priced financing options for the adoption of solar photovoltaic (PV) and batteries as a cleaner and more dependable source of electricity.
Njideka Esomeju, Group Head of Consumer Banking, revealed the campaign: “In alignment with our commitment to social responsibility and sustainable development, Access Bank Retail banking aims to promote cleaner energy solutions within our communities.
“Recognizing the critical role that renewable energy plays in reducing carbon footprints and fostering environmental sustainability, we are launching a targeted initiative to facilitate the acquisition of solar power products through flexible financing options with the Switch to solar product.
“We launched the initiative, which ensures that each household can have solar energy, first of all, to reduce costs for them, provide clearer energy and the product will be financed by the bank,” Esomeju added.
She said that the bank works with accredited retailers of solar items around the nation to make sure of this. She stated that: “We are collaborating with them to ensure that these are gotten at a good rate. We aim to ensure that all households, commercial businesses, and industrial factories are powered by solar.”
Bolarinwa Animashaun, Regional Sales Director of Access Bank, stated that the decision to go solar was prompted by interactions with the bank’s clients.
According to him: “We needed to assist them to provide alternative ways to power their operations. We all know the cost of the tariff of electricity.”
According to the official, the bank is supporting the seventh Sustainable Development Goal (SDG) of the United Nations because it is a global brand. Customers are not under any obligation to purchase the solar equipment, and payment can be spread out over 48 months.
Abiodun Olubitan, Group Head of Access Bank’s W Initiative, stated that the financial institution is taking into account women and women-led enterprises when it comes to granting access to the product. She went on to say that the bank is dedicated to empowering women by inspiring, connecting, and enabling them.
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According to Olubitan: “The product will be given to women at a discounted interest rate as this will enable them to run their businesses on any scale that they want.
“We are trying to ensure that this product is also positioned to women’s reach. The beauty of it is that we are not just ensuring that we have a clean environment, this is also our way of empowering women,” Olubitan added.
Olubitan said that underserved people make up a large portion of the target market for switching to solar power, with perhaps 60% of the population being women.
Information accessed by BrandSpur banking and finance news reports that according to Thelma Luke Nwoye, Head of Access Bank’s Consumer Lending, the campaign’s goal was: “To take this awareness in collaboration with our partners to the doorstep of every community around us, one individual at a time and one cluster at a time.”
Speaking further: “We also plan to educate people about the benefit of solar energy and its impact on environmental sustainability. We will finance the entire solar products, right from panels, inverters, batteries, and installation.”
She continued by saying that the campaign was crucial because it addresses sustainability, social impact, and financing options that allow consumers to make purchases and make payments over terms ranging from 12 to 48 months.
Businesses can receive up to N50 million through the Switch to Solar by Access program, while individuals can access up to N10 million for the financing of solar photovoltaic (PV), batteries, and inverters, as well as installation costs.
Additionally, there is a modest 10% equity contribution on invoice value, a flexible payback period of up to 48 months, and a competitive interest rate.
