Oluchi Chibuzor

First City Monument Bank (FCMB) has announced a boost in its energy finance loan, offering up to N30 million to help Nigerian households and small businesses buy solar panels, batteries, inverters, and other clean energy equipment.

With up to three years of repayment, this loan aims to ease financial pressures, allowing businesses to allocate more funds to growth and operations.

The bank in a statement said the loan enhancement is part of its mission to promote sustainable energy solutions in Nigeria, supporting the country's net-zero goals for 2060.

The offering, the statement added, also helps offset the increased energy costs following the removal of the fuel subsidy, reinforcing its commitment to climate action and reliable power access.

Managing Director of First City Monument Bank, Yemisi Edun, said upgrading their energy finance loan will boost Nigeria's renewable energy sector.

She added, "This loan gives households and businesses easy access to affordable funding for clean energy solutions, supporting sustainable growth. It also helps offset the rising fuel prices caused by the removal of the fuel subsidy. At FCMB, we're committed to helping people and businesses succeed while backing the government's push for a stable and sustainable power supply."

Group Head of Business Banking at FCMB, George Ogbonnaya said, "At FCMB, we are dedicated to helping businesses thrive. Our new energy finance loan helps businesses and homes access clean energy. It is affordable, accessible through a simple digital process, and designed to support job creation, boost our economy, and promote environmental sustainability."

FCMB has led the way in advancing renewable energy through funding, capacity-building programmes, and linking clean energy providers with consumers. Over the last three years, FCMB has financed numerous projects, from solar and mini-grids to energy-efficient plants. The bank has also provided free training to support development in the sector.