Access Bank bridges energy gap with solar partnership

Access Bank, in a groundbreaking collaboration with Asolar, has unveiled a revolutionary green energy initiative aimed at addressing Nigeria's acute power supply challenges. This strategic move is not only geared towards narrowing the electricity access gap for 85 million Nigerians but also aligns with the nation's ambitious goal of generating 30,000MW by 2030, with a substantial 3,000MW sourced from renewable energy.

The initiative, showcased at the Access Bank Branch in Garki, Abuja, introduces an array of solar-powered appliances, including TV sets and Air Conditioners. This innovative approach is poised to make a significant impact on small and medium enterprises (SMEs) and rural communities that grapple with power supply constraints. Currently, Nigeria faces a glaring disparity between power supply and demand, with the existing system struggling to meet the nation's needs.

Victor Etuokwu, the Deputy Managing Director of Access Bank, emphasized the pivotal role this initiative plays in fostering financial inclusion, particularly in underserved rural areas. SMEs and communities with limited power access often bear hefty costs associated with procuring generators, purchasing fuel, and maintaining these power sources. The green energy solution seeks to alleviate this burden, positioning itself as a catalyst for economic growth.

Chizoba Iheme, Group Head of Financial Inclusion at Access Bank, revealed a vast distribution network comprising over 300,000 agents across the country. This network is poised to facilitate the seamless dissemination of these green energy solutions, ensuring widespread accessibility.

Hakeem Shagaya, the CEO of Asolar, passionately underscored the commitment to providing reliable and sustainable energy access for every Nigerian. Beyond the immediate benefits, he highlighted the environmental impact of the initiative, including reduced emissions, ecosystem preservation, and the promotion of biodiversity, aligning seamlessly with sustainable development goals.

Access Bank's foray into renewable energy isn't novel. In the past year, the bank proactively financed a solar power project for the Lagos Business School, demonstrating its commitment to sustainable solutions. Noteworthy is the bank's financing model, offering a favorable rate of 9%, 300 basis points below the prime lending rate for renewable energy projects. This signifies not just a financial investment but a strategic commitment to driving impactful change in the energy landscape.