Access Bank to finance clean energy adaptation by businesses, homes

• Restates commitment to ESG principles
• Rolls out ‘Switch to Solar’ product

Business a.m. Reporter

Access Bank has launched a new product named “Switch to Solar by Access”, which provides a range of financing options for businesses and individuals seeking to make the transition to cleaner, more reliable solar power.

Njideka Esomeju, group head of consumer banking at Access Bank, stated that the new product is a reflection of the bank’s dedication to social responsibility and sustainable development.

Speaking at the product unveiling, Esomeju highlighted Access Bank’s commitment to promoting environmentally friendly practices and responsible business, stating that the introduction of the new solar financing solutions aligns with the bank’s values and objectives of driving positive social and environmental change.

“Recognising the critical role that renewable energy plays in reducing carbon footprints and fostering 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,” she said.

Speaking further, Esomeju explained that the aim of the initiative is to democratise solar energy, reducing costs and barriers to entry for households seeking to adopt renewable energy sources.

The group head of consumer banking also emphasised the financing aspect of the programme, noting that the bank will finance the solar products, allowing customers to transition to renewable energy without incurring the full upfront cost.

Bolarinwa Animashaun, regional sales director of Access Bank, spoke on the bank’s commitment to Environmental, Social, and Governance (ESG) principles, explaining that the Switch to Solar initiative was a direct response to customer feedback and aligns with the bank’s broader sustainable development goals.

According to Animashaun, the bank’s decision to launch the financing product was informed by ongoing conversations with customers, who expressed a desire for more affordable, environmentally friendly energy solutions.

“We needed to assist them in providing alternative ways to power their operations. We all know the cost of the tariff of electricity,” he stated.

Animashaun further noted that Access Bank’s solar initiative directly supports the United Nations’ Sustainable Development Goal 7, which seeks to ensure access to affordable, reliable, sustainable, and modern energy for all.

In line with the bank’s longstanding commitment to gender equality and women’s empowerment, Abiodun Olubitan, group head of W Initiative at Access Bank, affirmed that women and women-led businesses will have equal access to the Switch to Solar product.

Olubitan highlighted the bank’s dedication to uplifting women through its W Initiative, which is centred on inspiring, connecting, and empowering women to achieve their goals and aspirations.

“We are trying to ensure that this product is also positioned to women’s reach. The beauty of it is that we are not just ensuring that we have a clean environment, this is also our way of empowering women,” she stated.

Olubitan pointed out that a significant portion of the target market for the Switch to Solar product comprises underserved communities, noting that these communities are predominantly made up of women, who account for about 60 percent of this demographic.

According to Olubitan, the “Switch to Solar by Access” campaign offers businesses and individuals access to up to N50 million and N10 million, respectively, for the financing of solar photovoltaics, batteries, and inverters, along with installation costs. She added that the financing scheme comes with competitive interest rates, a flexible repayment period of up to 48 months, and a low equity contribution of just 10 percent on invoice value.