Wema Bank supports SMEs in Nigeria with N1 Billion loans for renewable energy

To underscore its unwavering support for energy transition in Nigeria and to help businesses in the country to overcome the challenges posed by the rising costs of petrol and diesel in the country, Wema Bank PLC is making loans available for SMEs that desire to purchase clean and renewable energy solutions like solar panels, inverters, and batteries.

This will be availed in partnership with reputable renewable energy companies and service providers in Nigeria. The partners shall offer after sales services and warranty of up to 2 years on the renewable energy products, with an average product lifespan of 10 years.

Many businesses in the country, including SMEs, depend on fossil fuel for power to run their operations amidst poor power supply and the incessant collapse of the national grid. Consequently, the spike in the prices of fossil fuel products has hit many businesses hard. To overcome the effects of their rising operating costs, several businesses have resorted to passing on the cost to the consumers, leading to a ripple effect on the economy.

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Commenting on the ongoing initiative, the Divisional Head, Retail Business, Wema Bank Plc, Mr. Dotun Ifebogun stated that the renewable-energy-focused loans will provide succor to SMEs across the country by cushioning the effect of the high cost of energy on their businesses. According to him, “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 commenting on the initiative, the Head of SME Banking at Wema Bank PLC, Mr. Arthur Nkemeh, disclosed that the 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,” he said.

Mr. Nkemeh stated that 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 via smehelpdesk@wemabank.com and chinedu.nnawetanma@wemabank.com.

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