Firms Commit N2bn to Finance Solar Power for 300 Nigerian SMEs
Sunday Ehigiator Nomba, a financial services company for African businesses, and Synafare, a fintech focused on renewable-energy financing, have announced a N2 billion commitment to expand access to solar-energy financing
Financial services company Nomba and fintech firm Synafare have pledged a combined N2 billion to facilitate solar energy financing for small and medium-sized enterprises (SMEs) in Nigeria. This announcement comes in a statement, unveiling a commitment that expands on a collaboration that has been ongoing for over a year, during which Nomba has directly financed SMEs seeking renewable-energy equipment.
Yinka Adewale, CEO of Nomba, explained that the partnership exemplifies the company's responsible lending philosophy, emphasizing the direct delivery of value to merchants with minimal hindrances. Adewale further stated that the N2 billion investment underscores their confidence in Nigerian SMEs and the potential of their collaborative model in expanding solar energy access.
Tobi Esho, CEO of Synafare, highlighted that the initiative aims to tackle the significant upfront expense associated with solar equipment, which frequently deters businesses from adopting renewable energy solutions. Esho noted that Nomba's direct financing, facilitated through vetted and originated businesses, effectively bridges this financial gap, and the N2 billion commitment enables them to extend this support to a broader range of Nigerian SMEs.
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