Wema Bank Plc,will avail N1billion loans small and medium enterprises that desire to purchase clean and renewable energy solutions like solar panels, inverters, and batteries.
This will be executed in partnership with reputable renewable energy companies and service providers in Nigeria,the bank said.
According to the bank,the partners shall offer after sales services and warranty of up to 2 years on the renewable energy products, with an average product lifespan of 10 years.
The Divisional Head, Retail Business, Wema Bank Plc, Mr. Dotun Ifebogun stated that the loans will provide succor to SMEs across the country by cushioning the effect of the high cost of energy on their businesses.
He added:“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.
The initiative also feeds into Wema Bank’s strategic thrust of spearheading energy transition in Nigeria and helping businesses in the country to go green.
Speaking on the initiative, the Head of SME Banking at Wema Bank Plc, Mr. Arthur Nkemeh, disclosed that the bank will complement this financial support with free technical assistance.
He said:“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 added that business owners who are interested in obtaining these renewable energy loans can visit any Wema Bank branch close to them or contact the Wema Bank SME Banking team.
