- The Bank upgraded the Energy Loan product to lessen the impact of reduced subsidies on traditional fossil fuels, which has caused a rise in petrol prices across the country.
- The intervention by the Bank is to unlock the potential of the renewable and clean energy sector, provide relief to Nigerians, and encourage clean energy.
First City Monument Bank (FCMB) is offering Nigerian households and small businesses looking to acquire solar panels, batteries, inverters, and other green energy equipment access to as much as N10 million to buy these assets through its Energy Finance Loan. According to the firm, the loan is designed to help homes and small businesses like hospitals, schools, restaurants, bars, stores, hotels, and fashion places keep life and work going by using clean energy.
FCMB upgraded the Energy Loan product to lessen the impact of reduced subsidies on traditional fossil fuels, which has increased petrol prices across the country, given the prevalent use of small gasoline generators to power households and small businesses. The Managing Director of FCMB, Mrs Yemisi Edun, described the product as another bold intervention by the Bank to unlock the potential of the renewable and clean energy sector, provide relief to Nigerians, and encourage clean energy.
She said, “Access to energy drives economic growth and development. The FCMB Energy Finance offering is a reaffirmation of our commitment to eco-friendly energy finance to fight climate change, drive the growth of businesses, improve the quality of life, and accelerate development through environmentally sustainable energy solutions. With the removal of the petrol subsidy, more Nigerians are focusing on alternative energy sources to power their homes and businesses. We will continue to scale up our support to individuals and businesses to enable the country to take full advantage of the opportunities in these areas for the overall benefit of humanity’’.