Nomba, Synafare target 300 Nigerian businesses with $1.4 million solar financing

Nomba, a Nigerian fintech company, and Synafare, an asset financing firm specializing in renewable energy, have jointly committed ₦2 billion ($1.4 million) to provide financing for solar energy systems for small and medium-sized businesses (SMEs) in Nigeria. The loan will be disbursed over a period of 24 months to support approximately 300 SMEs in acquiring solar panels, inverters, and batteries.

This financing initiative addresses the limited credit access and high costs of unreliable electricity faced by Nigerian businesses.

With about 40 million micro, small, and medium enterprises (MSMEs) in Nigeria contributing nearly half of the country's GDP, yet over 80% lacking access to formal credit, the partnership between Nomba and Synafare aims to bridge the gap between the businesses and solar energy solutions. Solar accounts for only 1.5% of Nigeria's overall energy mix, according to the Africa Solar Outlook 2026 report.

The vast majority of Nigerians, 40 out of 100, rely on generators due to grid instability, while solar power represents a viable alternative.

Nomba's CEO, Yinka Adewale, emphasized the importance of lending responsibly and directly, ensuring that the value reaches the merchants without unnecessary friction. Synafare's CEO, Tobi Esho, highlighted the gap created by the high upfront costs of adopting solar power, which often prevents SMEs from investing in solar solutions. Nomba's direct financing, through the vetted and approved SMEs, helps close this gap by providing the necessary capital.

Synafare manages the collection of repayments, while Nomba carries out the credit assessment independently. Loans under the program average around ₦50 million ($37,196) and can reach up to ₦100 million ($74,393) per merchant, depending on the business size and needs. So far, the partnership has disbursed over ₦500 million to 10 SMEs without any defaults, demonstrating the effectiveness of their collaboration.

Both companies acknowledge that scaling the initiative will require expanding their capacity to identify and assess suitable businesses while maintaining stringent underwriting and vetting standards. This commitment of ₦2 billion ($1.4 million) to finance solar energy systems reflects their confidence in Nigerian SMEs and their shared goal of providing reliable power access to businesses in Nigeria.