- The bank launched the solar loan product to help reduce the impact of the economic challenges and the subsidy removal on Nigerians.
- This move is seen as paving the way for Nigeria’s future energy needs to be met primarily through clean and renewable sources.
Mutual Trust MFBank Limited, a prominent financial institution in Nigeria, is leading in providing loans of up to N10 million per person to public and private employees. These loans are to enable individuals and organisations to acquire solar panels, batteries, inverters, and other clean and renewable energy equipment.
This “solar loan” initiative aims to assist people and entities in both public and private sectors to achieve significant savings on their traditional energy expenses while also contributing to reducing carbon emissions through a cost-effective green energy solution. Josh Oyebisi, the Managing Director/CEO of Mutual Trust MFBank, described this Solar Loan product as a crucial step in the bank’s efforts to make affordable solar technologies readily available to Nigerians without the burden of high initial costs. Like many developing countries, he emphasised that Nigeria faces various energy-related challenges, including rising fuel costs due to subsidy removal, power supply issues, and the environmental drawbacks associated with generator use.
Recognising the urgency of addressing these challenges, Mutual Trust has taken the initiative to combine innovative financial services with affordable clean energy by offering flexible and accessible solar loan solutions to individuals and organisations in both the public and private sectors. This move is seen as paving the way for Nigeria’s future energy needs to be met primarily through clean and renewable sources.
Gbenga Adetola, the Chief Corporate Services Officer, highlighted that Mutual Trust understands the significant financial hurdle posed by the initial costs of acquiring a solar system for many businesses and individuals. The bank offers customers customised solar loan options featuring flexible repayment terms to address this challenge. Mutual Trust MFBank Limited is distinguished by its strong commitment to promoting financial inclusion and environmental sustainability.