A subsidiary of Mojec International Limited, Mojec Meter Assets Management Company has partnered with some leading Banks in Nigeria to provide Retail Financing for electricity customers as it plans to roll out prepaid meters within the coverage area of its partner Distribution Companies (DISCOs) across the country.
This partnership according to the company represents a major step ahead of the commencement of the much anticipated Meter Asset Providers (MAP) scheme approved by the Nigerian Electricity Regulatory Commission (NERC).
Chantelle Abdul, managing director/ Chief Executive Officer, Mojec International Limited speaking at a Stakeholders Forum and Memorandum of Understanding signing ceremony with the banks in Lagos, said the company is determined to bridge the metering gap in the power sector by ensuring provision of top quality electricity meters to customers in Nigeria.
The Memorandum of Understanding was signed between Mojec and Polaris Bank, First Bank, Wema Bank, Unity Bank, Keystone Bank, Zenith Bank, Sterling Bank and First Option Micro Finance Bank.
Abdul further explained that Mojec would be partnering with 8 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.
On his part, James Momoh, the Chairman/CEO of Nigerian Electricity Regulatory Commission, NERC, commended Mojec for its leadership in the metering sector in Nigeria demonstrated by its efforts towards the full scale implementation of the MAP Scheme which allows all customers easy and direct access to meter assets.
In his remarks after the MoU signing, Tokunbo Abiru, the Chief Executive Office, Polaris Bank, explained that Polaris Bank is very pleased to partner with Mojec by providing financing support to customers on the meter acquisition scheme. “Our Bank is glad to be facilitating the acquisition of these meters by granting loans to eligible customers under the Program,” he said.
The Divisional Head, Retail and Consumer Banking, Sterling Bank, Shina Atilola represented by Ayodele Odulaja, Head of Power and Telecoms Team also stated, “We are excited to be a key driver of the pre-paid meter acquisition programme which will eliminate the inefficiencies associated with estimated billing and inaccurate post-paid meter readings. Leveraging technology, Sterling Bank is reputed for providing Nigerians with a convenient way to access loans ranging from N10,000 to N5,000,000.00 in five minutes through the Specta online lending platform. Electricity consumers will benefit from the speed of this solution under this partnership without the attendant delays of traditional lending.”
While commenting on the importance of energy to the growth of businesses and for the livelihood of homes in Nigeria, Abubakar Sule, acting Chief Executive Officer, Keystone Bank, said that “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.”
Tomi Somefun , managing director, Unity Bank Plc, said that this new development reinforces the long standing mutually beneficial relationship and business commitment it had maintained with Mojec International Limited for well over two decades, adding that the partnership will create beneficial impact on electricity customers, further drive financial inclusion through consumer banking, restore customer’s confidence, increase transparency and thereby replacing the opaque estimated billing system that had prevailed.
KELECHI EWUZIE
