Table of Contents
Key Points:
- Access Bank launches ‘Switch to Solar’ initiative, offering affordable financing for businesses and households to adopt solar energy.
- The initiative aligns with Access Bank’s commitment to sustainability, reducing carbon footprints, and supporting United Nations’ ESG goals.
- The program specifically targets women and underserved communities, providing up to $31,561 financing with flexible repayment terms.
Access Bank, the flagship banking subsidiary of Access Holding, a leading financial services group led by Nigerian banker Aigboje Aig-Imoukhuede, has introduced a groundbreaking product titled, “Switch to Solar by Access,” aimed at offering affordable financing opportunities for businesses and customers to transition to cleaner and more reliable electricity sources.
This initiative is part of the bank’s broader commitment to social responsibility and sustainable development.
Facilitating the shift to solar energy for households and businesses
During the unveiling of the campaign, Njideka Esomeju, Group Head of Consumer Banking at Access Bank, emphasized the bank’s focus on environmental sustainability through renewable energy. She explained that the initiative allows households and businesses to adopt solar energy, reducing both costs and carbon footprints.
“We launched the initiative to ensure that each household can have solar energy, reducing costs for them and providing cleaner energy, with the product financed by the bank,” Esomeju stated.
The bank has collaborated with vendors nationwide who sell solar products to facilitate this transition. Bolarinwa Animashaun, regional sales director of Access Bank, highlighted that the “Switch to Solar” initiative was developed after extensive customer engagement, aiming to provide alternative power solutions in light of rising electricity tariffs.
This move aligns with the bank’s commitment to the Economic, Social, and Governance (ESG) goals, particularly the seventh goal adopted by the United Nations, reinforcing its position as a global brand.
Empowering women through sustainable energy solutions
Moreover, the Group Head of W Initiative at Access Bank, Abiodun Olubitan, pointed out the bank’s focus on empowering women and women-led businesses through this initiative.
“We are ensuring that this product is accessible to women, not only to promote a clean environment but also as a means of empowering women,” Olubitan said.
She also noted that a significant portion of the target market for the “Switch to Solar” initiative consists of underserved populations, of which approximately 60 percent are women. The “Switch to Solar” campaign allows businesses to access financing of up to N50 million ($31,561) and individuals up to N10 million ($6,268) for solar photovoltaics, batteries, inverters, and installation.
The financing comes with a competitive interest rate, a flexible repayment period of up to 48 months, and a low equity contribution of just 10 percent of the invoice value. This initiative reveals Access Bank’s dedication to driving sustainable growth while providing essential support to its customers.
From local bank to global presence
Founded in 1988 and launched as a private commercial bank in 1989, Access Bank has grown significantly. With over 700 branches worldwide and a presence in 22 markets, it serves 60 million customers across three continents.
The bank employs approximately 28,000 people in Nigeria and maintains operations in Sub-Saharan Africa, the UK, Dubai, and has representative offices in China, Lebanon, and India. Earlier this year, Access Bank’s market capitalization surpassed $1 billion, and it recently received approval to establish a Restricted Licence Branch in Hong Kong.
