Lagos, Nigeria — November 12, 2024: First City Monument Bank (FCMB) has announced a new loan initiative offering up to N30 million to help Nigerian households and small businesses procure solar panels, batteries, inverters, and other clean energy equipment. This loan aims to ease the financial burden of adopting renewable energy solutions, with a repayment plan spread over three years.
The initiative is part of FCMB’s broader commitment to promoting sustainable energy solutions in Nigeria, aligning with the country’s goal to achieve net-zero emissions by 2060. The bank’s efforts come in the wake of rising energy costs following the removal of fuel subsidies, which have increased the financial pressures on both households and businesses.
In a statement, Yemisi Edun, the Managing Director of FCMB, emphasized that the loan would provide accessible and affordable financing to households and businesses seeking to transition to clean energy. “This loan gives easy access to funding for clean energy solutions, supporting sustainable growth, while also helping to offset rising fuel prices,” Edun said.
George Ogbonnaya, Group Head of Business Banking at FCMB, also highlighted that the loan is designed to support job creation, bolster the economy, and encourage environmental sustainability. “It is affordable, accessible through a simple digital process, and focused on helping both businesses and homes access reliable clean energy,” he added.
The offering is a part of FCMB’s ongoing efforts to contribute to Nigeria’s transition to renewable energy, improve energy access, and help businesses reduce their operational costs by tapping into sustainable energy sources.