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  • Updated: August 14, 2023

FCMB Provides N10 Million Loan To Households, SMEs

FCMB Provides N10 Million Loan To Households, SMEs

First City Monument Bank (FCMB) has revealed that Nigerian households and small businesses looking to acquire solar panels, batteries, inverters, and other green energy equipment now have access to as much as N10 million to buy these assets through its Energy Finance Loan.

According to the bank, the aim of the loan is to help homes and small businesses like hospitals, schools, restaurants, bars, stores, hotels, and fashion places keep life and work going by using clean energy.

Speaking on the Energy Loan product, Yemisi Edun, the Managing Director of FCMB, described it as “another bold intervention by the lender to unlock the potential of the renewable and clean energy sector, provide relief to Nigerians, and encourage clean energy.”

“Access to energy drives economic growth and development. The FCMB Energy Finance offering is a reaffirmation of our commitment to eco-friendly energy finance to fight climate change, drive the growth of businesses, improve the quality of life, and accelerate development through environmentally sustainable energy solutions.

“With the removal of the petrol subsidy, more Nigerians are focusing on alternative energy sources to power their homes and businesses.

“We will continue to scale up our support to individuals and businesses to enable the country to take full advantage of the opportunities in these areas for the overall benefit of humanity.’’

The Bank upgraded the product to lessen the impact of reduced subsidies on traditional fossil fuels, which has caused a rise in petrol prices across the country, given the pervasive use of small gasoline generators to power households and small businesses.

In his comment, the Group Head of Business Banking at FCMB, George Ogbonnaya, said, “We understand the challenges individuals and businesses face in securing funding to provide clean and sustainable power."

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