Bank okays N30m as clean energy loans for homes, SMEs
A financial bank has expanded its energy finance loan to N30 million to support households and small businesses in the acquisition of solar panels, batteries, inverters, and other clean energy equipment.
The lender, First City Monument Bank (FCMB), explained that with a maximum three-year repayment schedule, this initiative, the bank said, aims to promote sustainable energy consumption in the country while reducing financial strain on families and companies.
It indicated the loan extension reinforces its objective to advance sustainable energy solutions to aid Nigeria in reaching its net-zero goals by 2060.
Along with reducing carbon emissions, the loan, the bank assured, will assist in mitigating the rise in energy prices brought on by the recent removal of the fuel subsidy.
Managing Director, FCMB, Yemisi Edun, highlighted the loan’s role in driving the nation’s clean energy sector forward.
“This loan gives households and businesses easy access to affordable funding for clean energy solutions, supporting sustainable growth. It also helps offset the rising fuel prices caused by the removal of the fuel subsidy,” she said.
“At FCMB, we’re committed to helping people and businesses succeed while backing the government’s push for a stable and sustainable power supply.”
Group Head of Business Banking, FCMB, George Ogbonnaya, emphasised the loan’s potential to boost economic resilience and job creation.
“At FCMB, we are dedicated to helping businesses thrive. Our new energy finance loan helps businesses and homes access clean energy. It is affordable, accessible through a simple digital process, and designed to support job creation, boost our economy, and promote environmental sustainability,” Ogbonnaya said.
In recent years, the bank has spearheaded renewable energy projects through financing and capacity-building programs, positioning itself as a key player in Nigeria’s green transition. It has facilitated numerous projects, from solar installations and mini-grids to energy-efficient industrial plants, and has also provided free training to support clean energy development.
This year, the bank was recognised by the Development Bank of Nigeria as the “Best Bank for Impact on MSMEs Accessing Credit for the First Time in Nigeria” and the “Highest Disbursement to Sustainability Projects.”
A member of FCMB Group Plc, the bank continues to drive a sustainable ecosystem, connecting people, capital, and markets across Africa. With the new energy finance loan, FCMB reaffirms its commitment to empowering Nigerians through accessible clean energy solutions that foster a sustainable future for generations to come.
