10 Nigerian banks using solar to reduce reliance on diesel generators

In a bid to break even and promote clean energy, Nigeria’s commercial banks are embarking on solar-related projects to keep business operations alive as the country lives through power outages never seen before in recent times.

A new solar report commissioned by the Netherlands Enterprise Agency, a department of the Dutch ministry of Economic Affairs and Climate Policy, identified 10 Nigerian commercial banks using solar-related projects banks to reduce their dependency on diesel generators.

According to the report by NL Enterprise Agency, “there is also an increasing adoption of solar as an energy source and the country’s climate is suitable for its application.”

“While the cost of solar energy has deterred many households, there are more and more financing and grant schemes that help spread solar across the country.” NL Enterprise Agency said.

Here is a breakdown of banks currently using solar-related projects.

Access Bank Plc
The research report showed as of June 2021, Access Bank has over 240 solar-powered ATMs across Nigeria. The bank also has a branch fully powered by solar energy, with plans to power more branches with solar energy.

First City Monument Bank (FCMB)
FCMB has over 100 branches running on solar power. In early 2021, the bank won an award for making effective use of solar energy.

Read also: First Bank secures $150m Afreximbank facility to support businesses

Guaranty Trust Bank Plc
The number of branches/business offices powered by solar energy has increased by 13 (From 29 to 42) from 2018 to 2019.
The bank presently has six Main Branches, six e-branches and 30 offsite locations which are powered by a hybrid of solar and conventional energy supply (Grid and Diesel Generators). Also, eight Automated Teller Machines (ATMs) and Communication devices are powered by solar panels.

Polaris Bank
Business offices of the bank are being solar powered whilst also maintaining a strict closing time of 6 pm across all branches nationwide to reduce energy consumption and carbon emission.

Stanbic IBTC Plc
As of December 2019, 82 ATMs and 17 branch locations of the bank had been on-boarded on alternative power sources (solar hybrid).

Sterling Bank
More than 60 sterling bank branches have solar solutions attached to them and 8 of them are fully run by solar.

Union Bank Of Nigeria Plc
UBN Lekki branch in Lagos is a modern solar-powered structure with a drive-through ATM facility.
To date, UBN has over 61 ATMs and 99 branches which are solar-powered with three fabricated panel buildings and three container buildings.

United Bank for Africa Plc (UBA)
Presently the UBA is dedicated to the installation of solar-powered ATMs across several locations and over 113 ATMs are currently solar-powered nationwide.

WEMA Bank
Wema Bank recently launched a solar-powered mobile branch. In 2019, 18 branches were migrated to solar power energy. In addition, all ATMs use hybrid power supply (solar, grid and inverter) to meet the needs of our customers within and outside our business locations.

Zenith Bank Plc
Zenith bank is acting to move from diesel power to solar. At the end of 2019, Zenith bank had 397 solar-powered branches and 1012 solar-powered ATMs.