Access Bank has introduced a new product aimed at providing affordable financing options for businesses and customers to transition to cleaner and more reliable solar energy. The initiative, titled ‘Switch to Solar by Access,’ was unveiled in a statement from the bank on Thursday.
Njideka Esomeju, Group Head of Consumer Banking at Access Bank, emphasized that the campaign aligns with the bank’s commitment to social responsibility and sustainable development. “Recognizing the crucial role of renewable energy in reducing carbon footprints and promoting environmental sustainability, we are launching a targeted initiative to facilitate the acquisition of solar power products through flexible financing options with the Switch to Solar product,” Esomeju stated.
She added that the initiative aims to make solar energy accessible to households, reducing costs and providing cleaner energy, with financing provided by Access Bank. The bank has partnered with solar product vendors across the country to support this initiative.
Bolarinwa Animashaun, Regional Sales Director of Access Bank, highlighted that the Switch to Solar initiative was developed in response to customer needs. “We needed to assist them in finding alternative ways to power their operations, especially given the rising cost of electricity tariffs,” Animashaun noted. He further stated that the initiative aligns with the United Nations’ seventh Sustainable Development Goal (SDG), positioning Access Bank as a contributor to global economic, social, and governance (ESG) efforts.
Abiodun Olubitan, Group Head of the W Initiative at Access Bank, emphasized the bank’s focus on gender empowerment through this campaign. “We are ensuring that this product is accessible to women and women-led businesses. This initiative not only supports environmental sustainability but also empowers women,” Olubitan said. She noted that a significant portion of the target market for the Switch to Solar product comprises underserved populations, with around 60 percent being women.
The Switch to Solar campaign will enable businesses to access up to N50 million and individuals up to N10 million for financing solar photovoltaic systems, batteries, inverters, and installation costs. The financing comes with a competitive interest rate, a flexible repayment period of up to 48 months, and requires as little as a 10 percent equity contribution based on the invoice value.
