Access Bank, Nigeria’s largest bank by assets, has unveiled its ‘Switch to Solar by Access’ campaign to offer affordable financing opportunities to businesses and customers to adopt a cleaner and more reliable source of electricity through solar photovoltaic (PV) and batteries.
Switch to Solar by Access campaign will enable businesses to access up to N50 million and individuals N10 million for the financing of Solar Photovoltaic (PV), Batteries & inverters along with installation, with a competitive interest rate, flexible repayment period of up to 48 months and as low as 10 per cent equity contribution on invoice value.
Unveiling the campaign, Njideka Esomeju, group head, consumer banking, at Access Bank, said, “In alignment with our commitment to social responsibility and sustainable development, Access Bank retail banking aims to promote cleaner energy solutions within our communities.
“Recognising 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.
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She stated that in ensuring this the bank is in collaboration with credited vendors across the country that are selling solar products. 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.
Speaking on the bank alignment to ESG, Bolarinwa Animashaun, regional sales director of Access Bank, said that the switch-to-solar was born based on engagement with customers of the bank.
His words, “We needed to assist them to provide alternative ways to power their operations. We all know the cost of the tariff of electricity”.
He added that the bank is contributing to the Economic, Social and Governance (ESG) seventh goal that was adopted by the United Nations as this specifically aligns it with a global brand.
The product can easily be acquired without pressure to customers and payment can be made over a period of 48 months.
Abiodun Olubitan, group head, W Initiative, Access Bank, in her contribution, said that the bank is considering women and women-led businesses in accessing the product. She added that the bank’s commitment towards gender empowerment is to inspire, connect and empower women. 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.
According to her, “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 stated one of the major target markets for switch-to-solar is underserved, saying that this population is probably 60 percent of women.
Thelma Luke Nwoye, unit head, consumer lending, Access bank, stated in her contribution the objective of the campaign. She said, “We want 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.
“We also plan to educate people about the benefit of solar energy and its impact on environmental sustainability.” She explained that the Bank will finance the entire solar products, right from panels, inverters, batteries and installation.
She added that this campaign is very important because it speaks to sustainability, social impact and providing finance for individuals or customers where they can purchase and pay over a period of 12 months to 48 months.
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