By Faridat Salifu
First City Monument Bank (FCMB) has introduced an enhanced energy finance loan for households and small businesses to invest in clean energy solutions.
Beneficiaries can be loaned up to ₦30 million for the purpose, payable in three years. Any interest rate is, however, not mentioned.
This loan is designed to enable more Nigerians to access solar panels, batteries, inverters, and other green energy equipment, helping them transition to renewable power sources and reduce reliance on costly, less sustainable fuel options.
The loan, which offers a flexible repayment period of up to three years, is part of FCMB’s commitment to fostering sustainable development and supporting Nigeria’s ambition to achieve net-zero emissions by 2060.
As rising fuel prices place greater pressure on consumers and businesses following the recent fuel subsidy removal, FCMB’s loan initiative aims at providing a timely and affordable alternative, encouraging the adoption of clean energy.
FCMB’s Managing Director, Yemisi Edun, highlighted the role of the loan in driving Nigeria’s renewable energy sector forward, saying, “This financing solution offers households and businesses affordable funding for clean energy.”
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He continued: “By easing the financial burden, we’re supporting sustainable growth and helping people and businesses succeed in a shifting energy landscape.”
According to Edun, FCMB’s energy finance loan will assist both small businesses and individuals, aligning with government efforts for stable and sustainable energy access.
With an easy digital application process, he said the loan also allows FCMB to engage a larger demographic across Nigeria, including rural and underserved areas where renewable energy can be particularly transformative.
George Ogbonnaya, Group Head of Business Banking at FCMB, emphasized that the bank’s goal is to support growth and economic stability by facilitating affordable clean energy access.
“At FCMB, we believe in helping businesses thrive. Our energy finance loan connects people to renewable power solutions, supporting job creation, environmental sustainability, and a stronger economy,” he noted.
The two top FCMB officials said the bank has implemented capacity-building initiatives, trained clean energy providers, and created a network that connects these providers with consumers.
In the past three years, they recalled, FCMB has backed numerous renewable energy projects, from solar systems and mini-grids to energy-efficient plants, aiming to build a sustainable ecosystem that reduces Nigeria’s carbon footprint
