Access Bank gives clients cleaner energy financing

Access Bank, Nigeria’s largest bank by assets, has launched the “Switch to Solar by Access” campaign, offering affordable financing opportunities to businesses and customers to adopt solar energy solutions.

The campaign provides financing options for solar photovoltaic (PV) and batteries, with flexible payback periods of up to 48 months, attractive interest rates, and a low equity commitment of 10% of the invoice value.

The initiative supports sustainable growth, lowers carbon footprints, and encourages the use of cleaner energy. In keeping with the bank’s commitment to gender empowerment, it also targets women and women-led enterprises.

Bolarinwa Animashaun, Regional Sales Director, Access Bank, stated that the switch-to-solar was born based on interactions with customers of the bank. “We needed to assist them to provide alternative ways to power their operations. We all know the cost of the tariff of electricity,” he said.

Abiodun Olubitan, Group Head of W Initiative, emphasized that the product is designed to inspire, connect, and empower women, particularly in underserved communities.

Olubitan asserted that an underserved population, of whom women made up roughly 60%, was one of the main target markets for the switch-to-solar initiative.

With a competitive interest rate, a flexible repayment period of up to 48 months, and as low as 10% equity contribution on invoice value, the Switch to Solar by Access campaign, according to her, will allow businesses to access up to N50m and individuals to access N10m for the financing of solar photovoltaics, batteries, and inverters, along with installation.

The campaign’s goal was emphasized by Thelma Luke Nwoye, Head of Consumer Lending: “to take awareness to every community, educate people about solar energy’s benefits, and provide financing options for individuals and customers to purchase and pay over a period of 12 to 48 months.”

The “Switch to Solar” campaign supports Nigeria’s economic growth, reduces energy costs, and promotes environmental sustainability. By offering financing options, Access Bank empowers customers to adopt cleaner energy solutions, contributing to a sustainable future.