As part of commitment to social responsibility and sustainable development, Access Bank has unveiled its “Switch to Solar” campaign for households and businesses across the country to tackle climate change and promote a friendly and cleaner energy environment targeted at supporting a transition to a low-carbon economy.
The campaign according to the bank said it would provide accessible financing solutions for individuals and businesses to acquire solar power products, including solar panels, inverters, and batteries through their partnership with accredited vendors.
Switch to Solar by Access campaign will enable businesses to access up to N50 million and individuals, N10 million, for the financing of Solar PV, batteries and inverters along with installation, with about 10 per cent equity contribution on invoice value.
Speaking at the launch in Lagos, the bank’s Group Head, Consumer Banking, Njideka Esomeju, said the campaign would offer consumers a reliable source of electricity through solar photovoltaic (PV) and batteries.
Esomeju said the bank recognised the critical role that renewable energy played in reducing carbon footprints and fostering environmental sustainability.
According to her, “We are launching a targeted initiative to facilitate acquisition of solar power products through flexible financing options with the Switch to Solar product. The initiative would enable households to have access to solar energy at a reduced cost to be financed by the bank.”
“We are collaborating with them to ensure that these are got at a good rate. Our aim is to ensure that all households, businesses and industrial factories are powered by solar,” she said.
Commenting on the campaign, Mr. Gbenga Sheriff, the bank’s Head of Risk Management (Environmental and Social Risk), said the campaign would increase adoption of solar power products in targeted clusters and increase positive environmental impact through reduced carbon emissions.
Sheriff said that the campaign was in line with the Federal Government’s commitment to its Nationally Determined Contribution to the United Nations Framework Convention on Climate Change and the Paris Agreement.
He said the government committed to an unconditional contribution target of Greenhouse Gas (GHG) emission reduction by 20 per cent and a conditional target of 47 per cent GHG emission reduction below 2018 emissions levels contingent on international support.
In addition, Mr. Bolarinwa Animashaun, the bank’s Regional Sales Director, Lagos 1, said the “Switch to Solar” initiative followed the bank’s engagements with its customers.
Animashaun said the initiative was in line with the objectives of Economic, Social and Governance Goal 7.
He said the product could be acquired without pressure to customers, adding that payment could be made over a period of 48 months and an individual salary earner could be able to access N10 million.
“We want to take this awareness, in collaboration with our partners, to the doorsteps of every community around us, one individual at a time and one cluster at a time” the bank’s Group Head of Women Banking, Abiodun Olubitan added. “We also plan to educate people about the benefits of solar energy and its impact on environmental sustainability,” Olubitan said.
She said the campaign had to do with sustainability, social impact and providing finance for customers to purchase and pay over a period of 12 months to 48 months.