Wema Bank Plc., in its unwavering support for energy transition in Nigeria and to help businesses in the country to overcome the challenges by the rising costs of petrol and diesel in the country, has provided loans for SMEs that desire to purchase clean and renewable energy solutions like solar panels, inverters, and batteries.
The bank said the initiative will avail collaboration with reputable renewable energy companies and service providers in Nigeria, adding that the partners will offer after sales services and warranty of up to 2years on the renewable energy products, with an average product lifespan of 10years.
However, commenting on the initiative, Divisional Head, Retail Business, Wema Bank Plc, Mr. Dotun Ifebogun, said: “The renewable-energy-focused loans will provide succour to SMEs across the country by cushioning the effect of the high cost of energy on their businesses.”
“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.”
“Therefore, beyond alleviating the effects of rising energy costs, this initiative also feeds into Wema Bank’s strategic thrust of spearheading energy transition in Nigeria and helping businesses in the country to go green.”
“Amidst the devastating environmental havoc caused by fossil fuels around the world, the need for clean energy alternatives cannot be overemphasized. The widespread use of petrol and diesel generators by businesses and households in the country releases tons of greenhouse gases into the atmosphere and causes environmental pollution.”
Also, Head of SME Banking at Wema Bank Plc., Mr. Arthur Nkemeh, said; “Wema Bank will complement this financial support with free technical assistance. 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.”
“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.”
