• Saturday, December 02, 2023
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Mutual Trust MFBank launches N10m solar financing for renewable energy


Mutual Trust MFBank Limited, one of Nigeria’s leading financial institutions is spearheading the advancement of loans up to N10 million per head, to workers in public and private sectors towards the acquisition of solar panels, batteries, inverters, and clean and renewable energy equipment.

The loan dubbed “solar loan” is designed to help individuals and organizations in the public and private sectors achieve ample savings on money spent on traditional fuelling and electricity and also help reduce carbon footprints through a cost-effective alternative green energy solution.

Commenting on the Solar Loan product, Josh Oyebisi, managing director/CEO of Mutual Trust MFBank described it as “the clean energy revolution by the bank to ensure Nigerians have easy access to cost-effective solar technologies without the burden of initial high costs.”

Read also: Nigeria must embrace renewable energy, says NBCC

“Nigeria, like many developing nations, faces traditional energy-related challenges; from increased fuel costs due to subsidy removal to issues of power supply and the non-ecofriendly situations associated with the use of generators,” he said in a statement made available to BusinessDay.

Recognizing the urgency of solving these issues, Mutual Trust has stepped forward to bridge innovative financial services and affordable clean energy by offering flexible and accessible solar loan solutions to individuals and organizations in the public and private sectors.

Read also: Renewable energy panacea to Nigeria’s power challenges – Expert

“We are paving the way for the future of our country to be powered entirely by clean and renewable energy.”

The bank launched the solar loan product to help reduce the impact of the economic challenges and the subsidy removal on Nigerians across the country.

Read also: Nigeria’s renewable energy sector has immense potential – Pyatt, US envoy

In his comment, Gbenga Adetola, chief corporate services officer, said “We understand that the initial cost required for acquiring a solar system can be a huge financial barrier for many businesses and individuals and to overcome this challenge, the bank is offering to its customers, tailored solar loan options with flexible repayment terms.”

Mutual Trust MFBank Limited stands out for its unwavering commitment to both financial inclusion and environmental sustainability.