Wema Bank supports SMEs with N1bn loans for renewable energy

To underscore its support for energy transition in Nigeria and help businesses overcome the challenges posed by the rising costs of petrol and diesel in the country, Wema Bank PLC is making loans available for SMEs 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 two 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.

Commenting on the ongoing initiative, the Divisional Head, Retail Business, Wema Bank Plc, Mr Dotun Ifebogun, stated that the renewable-energy-focused loans would provide succour to SMEs across the country by cushioning the effect of the high cost of energy on their businesses.

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.