Wema Bank Plc said it has made a N1 billion loan available for Small and Medium-Sized enterprises (SMEs) seeking to purchase clean and renewable energy solutions such as solar panels, inverters, and batteries to boost their business productivity.
A statement by the bank said the initiative is part of its commitment to alleviate the ripple effects posed by poor power supply and rising costs of petrol and diesel in the country.
“Wema Bank has the goal of reviving businesses that depend on fossil fuel for power to run their business, and are affected by Incessant collapse of the national grid, and spike in the price of fuel,” it stated.
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Speaking on the funding, Dotun Ifebogun, the divisional head, Retail Business, Wema Bank Plc,said the renewable-energy-focused loans will provide less herculean business activities to SMEs across the country by cushioning the effect of the high cost of energy on their businesses.
“We need to provide financial support to SMEs to encourage their roles as the engine rooms of the economy by creating alternative power options at affordable rates and educating them on the benefits of alternative power in solar energy, to the environment,’’ Ifebogun said.
The divisional head also reiterated that the initiative aligns with the bank’s strategic objective of spearheading energy transition in Nigeria and helping businesses in the country to go green,as it will reduce the number of businesses that use petrol and diesel generators which releases tonnes of greenhouse gases into the atmosphere and causes environmental pollution, which are harmful to the health.
On his part, Arthur Nkemeh, the head of SME Banking at Wema Bank plc, disclosed that the bank will also give technical assistance, alongside the financial support.
“SMEs that obtain our renewable energy loans will also enjoy capacity development support in sustainability, energy efficiency and other critical areas of business management through our bank’s array of SME business advisory programs and non-financial services,” he said.