FCMB Launches ₦30 Million Clean Energy Loans for Households and SMEs

Yemisi Edun is the Managing Director and Chief Executive Officer (CEO) of First City Monument Bank (FCMB)

First City Monument Bank (FCMB) has broadened its solar financing initiative, now providing loans of up to ₦30 million to assist Nigerian households and small businesses in acquiring solar panels, batteries, inverters, and other clean energy equipment. The program offers a repayment window of up to three years, designed to ease financial burdens and allow businesses to focus more on expansion and operational efficiency.

This move is part of FCMB’s broader strategy to advance sustainable energy solutions in Nigeria, supporting the country’s net-zero objectives by 2060. It also aims to counterbalance the rising energy costs triggered by the recent removal of the fuel subsidy, further solidifying FCMB’s commitment to climate action and ensuring reliable power access.

Yemisi Edun, Managing Director of FCMB, commented, “This loan facility offers households and businesses seamless access to affordable financing for clean energy solutions, fostering sustainable development. It also helps cushion the impact of higher fuel prices resulting from the subsidy removal. At FCMB, we are dedicated to empowering individuals and businesses to thrive while supporting the government’s efforts to achieve a stable and sustainable energy supply.”

George Ogbonnaya, Group Head of Business Banking at FCMB, added, “FCMB is focused on enabling businesses to flourish. Our new energy finance loan provides businesses and households with access to clean energy. It is affordable, easy to access through a streamlined digital process, and tailored to drive job creation, economic growth, and environmental sustainability.”

Over the last three years, FCMB has funded numerous projects, including solar installations, mini-grids, and energy-efficient facilities. The bank has also offered complimentary training programs to bolster growth in the renewable energy sector. Recently, FCMB was honored by the Development Bank of Nigeria as the “Best Bank for Impact on MSMEs Accessing Credit for the First Time in Nigeria” and for achieving the “Highest Disbursement to Sustainability Projects.”

This initiative highlights FCMB’s ongoing commitment to creating a sustainable ecosystem that connects individuals, capital, and markets across Africa, driving inclusive and sustainable development within its communities.

Ready to Make a Difference?

While switching to solar energy is a significant investment, smart strategies can help reduce costs and make the transition more affordable. Practical Tips For Saving Money On Solar Energy In Nigeria

1. Check Prices from Multiple Vendors

Compare prices across various sellers by checking out online site such as Solarenergysupplystores.com

Online Marketplace such as Solarenergysupplystores.com streamline this process by introducing you to credible sellers, making it easy to identify budget-friendly solutions to suit your requirements