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Access Bank has unveiled a new product that offers affordable financing opportunities to businesses and customers to adopt a cleaner and more reliable source of electricity.
A statement from the bank on Thursday indicated that the offering was titled ‘Switch to Solar by Access’.
Unveiling the campaign, the Group Head of Consumer Banking at Access Bank, Njideka Esomeju, said it was in alignment with the bank’s commitment to social responsibility and sustainable development.
“Recognising the critical role that renewable energy plays in reducing carbon footprints and fostering environmental sustainability, we are launching a targeted initiative to facilitate the acquisition of solar power products through flexible financing options with the Switch to Solar product.
“We launched the initiative, which ensures that each household can have solar energy. First of all, to reduce costs for them, provide clearer energy and the product will be financed by the bank,” she said.
She stated that the bank had collaborated with vendors across the country who sell solar products.
Speaking on the bank alignment with ESG, the Regional Sales Director of Access Bank, Bolarinwa Animashaun, mentioned that the switch-to-solar was birthed out of engagement with customers of the bank.
“We needed to assist them in providing alternative ways to power their operations. We all know the cost of the tariff of electricity,” he stated.
He added that the bank was contributing to the Economic, Social and Governance seventh goal that was adopted by the United Nations, which aligned it with a global brand.
The Group Head of W Initiative, Access Bank, Abiodun Olubitan, noted that the bank was considering women and women-led businesses in accessing the product.
She added that the bank’s commitment towards gender empowerment was to inspire, connect and empower women.
Olubitan declared, “We are trying to ensure that this product is also positioned to women’s reach. The beauty of it is that we are not just ensuring that we have a clean environment, this is also our way of empowering women.”
Olubitan stated that one of the major target markets for switch-to-solar was underserved, saying that that population was probably 60 per cent women.
According to her, Switch to Solar by Access campaign will enable businesses to access up to N50m and individuals N10m for the financing of solar photovoltaics, batteries and inverters, along with installation, with a competitive interest rate, a flexible repayment period of up to 48 months and as low as 10 per cent equity contribution on invoice value.
