In a bid to address climate change and promote a more sustainable energy environment, Access Bank recently unveiled its “Switch to Solar” campaign. The initiative aims to provide accessible financing solutions for households and businesses across Nigeria to acquire solar power products, including solar panels, inverters, and batteries through their partnership with accredited vendors.
Through the campaign, businesses can access up to N50 million, while individuals can access up to N10 million for the financing of Solar PV, batteries, and inverters, including installation, with about 10 per cent equity contribution on invoice value. This move is part of the bank’s commitment to social responsibility and sustainable development, aligning with its Retail banking’s goal of promoting cleaner energy solutions within communities.
Njideka Esomeju, group head of Consumer Banking at Access Bank, highlighted the critical role of renewable energy in reducing carbon footprints and fostering environmental sustainability. She emphasized the bank’s targeted initiative to facilitate the acquisition of solar power products through flexible financing options, with a focus on collaborating with accredited vendors across the country that sell solar products.
Mr. Bolarinwa Animasehun, the regional sales director of Lagos 1 at Access Bank, noted that the “Switch to Solar” initiative stemmed from the bank’s engagements with its customers and aligns with the objectives of Economic, Social, and Governance Goal 7. He emphasized that the product could be acquired without exerting pressure on customers, with payment options spread over 48 months, making it accessible even to individual salary earners who could access up to N10 million.
Abiodun Olubitan, the Group head of Women Banking at Access Bank, further emphasized the intention to take the awareness of the campaign, in collaboration with partners, to the doorsteps of every community, educating individuals about the benefits of solar energy and its impact on environmental sustainability.
Access Bank’s “Switch to Solar” campaign comes at a crucial time when the world is increasingly looking for sustainable energy solutions to combat climate change. By promoting the adoption of solar power products and providing accessible financing options, the bank aims to drive the transition to a low-carbon economy, ultimately contributing to environmental conservation efforts.
Solar energy is heralded as a cleaner and more sustainable alternative to traditional energy sources, offering benefits such as reduced carbon emissions and lower environmental impact. Access Bank’s initiative not only supports individuals and businesses in transitioning to solar power but also sets the stage for widespread education and awareness about the advantages of cleaner energy solutions.
The campaign’s focus on flexibility in financing options and collaboration with accredited vendors across the country demonstrates a comprehensive approach to making solar power products more accessible to a wider population.
By allowing businesses and individuals to acquire the necessary equipment with manageable payment plans, Access Bank is breaking down barriers to entry into the renewable energy space, potentially driving increased adoption of solar power solutions.
Access Bank’s “Switch to Solar” campaign represents a significant step towards promoting sustainable energy practices in Nigeria. With a focus on accessibility, education, and collaboration, the campaign has the potential to not only drive the transition to a low-carbon economy but also empower individuals and businesses to embrace cleaner energy solutions for a more sustainable future.
