Banking
Access Bank Promotes Cleaner Energy Solutions With Switch to Solar Campaign
By Modupe Gbadeyanka
A Switch to Solar by Access campaign designed to promote cleaner energy solutions within communities has been introduced by Access Bank Plc.
The scheme aims to offer affordable financing opportunities to businesses and customers to adopt a cleaner and more reliable source of electricity through solar photovoltaic (PV) and batteries.
At the unveiling in Lagos, the lender stated that the campaign was part of its commitment to the Economic, Social and Governance (ESG) seventh goal of the United Nations (UN) and to also provide a viable alternative source of power supply to customers.
“We needed to assist them to provide alternative ways to power their operations. We all know the cost of the tariff of electricity,” the Regional Sales Director of Access Bank, Mr Bolarinwa Animashaun, said.
Business Post gathered that the product can easily be acquired without pressure on customers and payment can be made for 48 months.
The Switch to Solar by Access campaign will enable businesses to access up to N50 million and individuals N10 million for the financing of Solar Photovoltaic (PV), batteries and inverters along with installation, with a competitive interest rate, flexible repayment period of up to 48 months and as low as 10 per cent equity contribution on invoice value.
“In alignment with our commitment to social responsibility and sustainable development, Access Bank Retail banking aims to promote cleaner energy solutions within our communities.
“Recognizing the critical role that renewable energy plays in reducing carbon footprints and fostering environmental sustainability, we are launching a targeted initiative to facilitate the acquisition of solar power products through flexible financing options with the Switch to solar product.
“We launched the initiative, which ensures that each household can have solar energy, first of all, to reduce costs for them, provide clearer energy and the product will be financed by the bank,” the Group Head of Consumer Banking at Access Bank, Ms Njideka Esomeju, said.
She stated that in ensuring this the bank is in collaboration with credited vendors across the country selling solar products.
“We are collaborating with them to ensure that these are gotten at a good rate. We aim to ensure that all households, commercial businesses and industrial factories are powered by solar,” she added.
Also speaking at the event, the Group Head of W Initiative at Access Bank, Ms Abiodun Olubitan, said that the bank was considering women and women-led businesses in accessing the product at a discounted interest rate to enable them to run their businesses on any scale that they want because they account for about 60 per cent of the country’s over 200 million population.
“We are trying to ensure that this product is also positioned to women’s reach.
“The beauty of it is that we are not just ensuring that we have a clean environment, this is also our way of empowering women,” she stated.
The Unit Head of Consumer Lending at Access Bank, Ms Thelma Luke Nwoye, in her contribution to the objective of the campaign, said, “We want to take this awareness in collaboration with our partners to the doorstep of every community around us, one individual at a time and one cluster at a time.
“We also plan to educate people about the benefit of solar energy and its impact on environmental sustainability.”
She explained that the Bank will finance the entire solar products, right from panels, inverters, batteries and installation, adding that this campaign is very important because it speaks to sustainability, social impact and providing finance for individuals or customers where they can purchase and pay over a period of 12 months to 48 months.
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) says depositors of failed banks in Nigeria can now access their insured funds within days.
The corporation said the development is a part of ongoing reforms aimed at strengthening confidence in the country’s financial system.
The chief executive of NDIC, Mr Thompson Sunday, disclosed this on Thursday at the NDIC Special Day of the 47th Kaduna International Trade Fair, noting that recent interventions had significantly improved the speed and efficiency of depositor compensation.
Represented by Mrs Regina Dimlong, the Assistant Director of Communications and Public Affairs, Mr Sunday said the corporation had successfully deployed the Bank Verification Number (BVN) system to facilitate prompt payments to customers of recently failed banks, including Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc.
“Depositors were paid within days of closure without the need to fill physical forms or visit NDIC offices.
“This is a part of our reform efforts to make depositor protection faster, simpler and more transparent,” he said.
According to him, the reforms were designed to restore public confidence in the banking system and prevent panic withdrawals, especially during periods of financial stress.
Mr Sunday explained that NDIC’s mandate spans deposit insurance, bank supervision, distress resolution and liquidation of failed banks, adding that the Corporation works closely with the Central Bank of Nigeria (CBN) to ensure early detection of risks in insured institutions.
He disclosed that in 2024, NDIC reviewed its deposit insurance framework, increasing coverage for depositors of Deposit Money Banks, Mobile Money Operators and Non-Interest Banks to N5 million, while customers of Microfinance Banks, Primary Mortgage Banks and Payment Service Banks are now covered up to N2 million.
He noted that the revised thresholds now guarantee full protection for about 99 per cent of depositors nationwide, particularly small savers and low-income earners.
The NDIC boss urged Nigerians to ensure their BVNs are properly linked to their bank accounts, stressing that this had become the primary channel for accessing insured deposits in the event of bank failure.
By Adedapo Adesanya
Nigeria has secured a major strategic gain at the ongoing 39th African Union Summit, after securing a permanent seat on the board of the African Central Bank.
The Minister of Foreign Affairs, Mr Yusuf Tuggar, confirmed this at the summit on Friday, highlighting it as a significant milestone for both Nigeria and the West African region.
The African Central Bank (ACB) is one of the original five financial institutions and specialised agencies of the African Union (AU).
“Importantly, Nigeria has been given the hosting of the African Monetary Institute and the African Central Bank. Not only that, in today’s plenary, Nigeria was confirmed a seat on the board of the African Central Bank. This is huge,” he said.
He stated that the development represents a diplomatic breakthrough, mentioning that the move faced initial opposition from some member states.
“It is something that was initially resisted by some countries, so now we have a permanent seat on the African Central Bank board. It’s a major success,” he added.
This year’s summit carries the theme Assuring Sustainable Water Availability and Safe Sanitation Systems to Achieve the Goals of Agenda 2063, the sessions will focus on advancing continental commitments to sustainable water management and improved sanitation, critical pillars for health, agricultural productivity, and the broader development aspirations of the AU’s Agenda 2063 framework.
Beyond financial governance, Nigeria and the West African bloc also recorded progress in elections to the Peace and Security Council, the African Union’s highest decision-making body on conflict and security matters.
The delegation announced that “Côte d’Ivoire, Sierra Leone, and the Republic of Benin have been elected,” with Benin securing a fresh term while the other two countries were re-elected.
The Peace and Security Council also convened to deliberate on the situations in Sudan and Somalia. Nigeria voiced strong reservations over Sudan’s potential readmission into the continental body.
“Nigeria voiced its reservations about Sudan being readmitted because, as you know, there are two warring factions in Sudan,” Tuggar stated.
“We reminded the Peace and Security Council that we have to abide by the rules and regulations of the African Union. If there has been an unconstitutional change of government, then the country should not be allowed to participate, and that was carried.”
The summit also outlined its 2026 theme: water sustainability. The Nigerian representative underscored the country’s strategic and demographic significance in advancing that agenda.
“Nigeria was created out of the confluence of the River Niger and the River Benue. So water is very important,” he said.
“We are the largest country in Africa, with a population of 230 million people. We’re going to be 400 million in the next 24 years. So water is a source of life. It’s very important, and we’re playing a very pivotal role in implementing the programs that are being set for the theme of the year.”
By Modupe Gbadeyanka
The second African Markets Conference (AMC) will take place in Cape Town, South Africa, from Sunday, February to Tuesday, February 24, 2026.
The event, hosted by Standard Bank, will bring together global institutional investors, sovereign wealth funds, and African policymakers to catalyse the flow of capital into the continent’s most critical sectors.
The theme for this year’s edition is Mobilising Global Capital at Scale for Africa’s Growth and Development.
AMC 2026 will host a high-level delegation of decision-makers, ensuring that the dialogue leads to tangible commitments.
The conference will be structured around five high-impact pillars designed to move the needle on investment, including prioritising infrastructure as an asset class, accelerating the energy transition, deepening African capital markets and mobilising private capital, enabling intra-African trade and flows of capital, and addressing Africa’s sovereign debt and cost sustainability.
It is estimated that by 2050, Africa will add one billion people, more than half in cities, yet it invests only $75 billion of the $150 billion it needs annually for infrastructure. Standard Bank aims to use AMC 2026 to ensure that African priorities remain at the centre of the global financial discourse.
“This year’s engagement bridges the gap between policy ambitions and market realities. Africa urgently needs practical measures to deepen capital pools, improve market liquidity, and strengthen regulatory frameworks that give investors the confidence to deploy capital at scale.
“Mobilising capital is not just about funding projects; it is about building the foundation of a more balanced and inclusive global economy,” the chief executive of Corporate and Investment Banking at Standard Bank Group, Luvuyo Masinda, stated.
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