With a repayment period of up to three years, this initiative is designed to alleviate financial burdens, enabling businesses to redirect more resources towards growth and operational needs.
This loan enhancement aligns with FCMB's commitment to advancing sustainable energy solutions in Nigeria, contributing to the nation's net-zero objectives for 2060. Additionally, it addresses the rising energy expenses following the removal of the fuel subsidy, underscoring FCMB's dedication to climate action and ensuring reliable energy access.
Yemisi Edun, Managing Director of FCMB, emphasized that the upgrade to their energy finance loan will significantly benefit Nigeria's renewable energy landscape.
"This loan provides households and businesses with straightforward access to affordable financing for clean energy solutions, fostering sustainable development. It also mitigates the impact of increasing fuel prices due to the subsidy removal.
At FCMB, we are committed to empowering individuals and businesses while supporting the government's efforts for a stable and sustainable energy supply."
George Ogbonnaya, Group Head of Business Banking at FCMB, remarked, "At FCMB, we are focused on enabling business success. Our revamped energy finance loan facilitates access to clean energy for both businesses and homes. It is designed to be affordable, easily accessible through a streamlined digital process, and aims to foster job creation, stimulate economic growth, and promote environmental sustainability."
FCMB has taken a leadership role in promoting renewable energy by providing funding, implementing capacity-building initiatives, and facilitating connections between clean energy suppliers and consumers. In the past three years, the bank has supported a variety of projects, including solar installations, mini-grids, and energy-efficient facilities. Additionally, FCMB has offered complimentary training to foster growth within the sector.
Recently, the Development Bank of Nigeria honored FCMB with the titles of “Best Bank for Impact on MSMEs Accessing Credit for the First Time in Nigeria” and “Highest Disbursement to Sustainability Projects.” As a member of FCMB Group Plc, the bank is committed to creating a sustainable ecosystem that links individuals, capital, and markets throughout Africa.