The First City Monument Bank (FCMB) has expanded its energy finance loan program and is offering up to ₦30 million to Nigerian households and small businesses to purchase solar panels, batteries, inverters, and other clean energy equipment. This initiative is designed to support Nigeria’s transition to renewable energy while easing the financial burden of purchasing these types of equipment on businesses and households.
Key Features of FCMB’s Clean Energy Loan
- Loan Amount and Tenure: Households and SMEs can access loans of up to ₦30 million with a repayment period of up to three years, making clean energy solutions more affordable.
- Purpose: The loan targets renewable energy adoption, offsetting energy costs exacerbated by the removal of the fuel subsidy and contributing to Nigeria’s net-zero goals for 2060.
Managing Director of FCMB, Yemisi Edun, emphasized the bank’s commitment to renewable energy, stating:
“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. At FCMB, we’re committed to helping people and businesses succeed while backing the government’s push for a stable and sustainable power supply.”
Advancing Renewable Energy in Nigeria
FCMB’s new energy finance loan enhances Nigeria’s renewable energy landscape through:
- Financial Support: By funding solar and energy-efficient projects, the bank empowers businesses to invest in sustainable energy solutions.
- Digital Accessibility: The loan is easily accessible through a seamless digital process, ensuring inclusivity and efficiency.
- Capacity Building: FCMB has organized free training programs to develop expertise in the renewable energy sector.
Group Head of Business Banking, George Ogbonnaya, highlighted the loan’s broader impact, saying:
“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.”
Recognitions and Achievements
FCMB’s commitment to sustainability has earned it accolades, including:
- Best Bank for Impact on MSMEs Accessing Credit for the First Time in Nigeria
- Highest Disbursement to Sustainability Projects, awarded by the Development Bank of Nigeria.
Over the past three years, FCMB has financed solar projects, mini-grids, and energy-efficient plants, fostering a sustainable ecosystem that connects people, capital, and markets across Africa.
FCMB’s clean energy loan program is a significant step toward promoting renewable energy adoption in Nigeria. By offering affordable, accessible, and impactful financial solutions, FCMB endeavors to empower households and businesses to embrace sustainability. This empowerment helps to reduce dependence on fossil fuels while contributing to Nigeria’s economic and environmental goals.
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