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.
