Access Bank partners with ASolar to launch a green energy solution for SMEs.

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L-R: Director, Regional Services, Access Bank, Neka Aduogu; CEO, ASolar Systems Nigeria, Hakeem Shagaya; and Chairperson, ASolar Systems Nigeria, Bola Shagaya, unveiling the solar-powered energy products on Tuesday… Credit: Olukayode Jaiyeola

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In a groundbreaking partnership, Access Bank Plc has joined forces with ASolar Systems Nigeria to introduce green energy products designed to address power supply challenges for small-scale businesses across Nigeria. The initiative was unveiled at the “Light Up Your Community” launch event held at the Garki branch of Access Bank in Abuja. This blog post explores the key details of this collaboration, emphasizing the significance of reliable and sustainable energy solutions for SMEs.

Challenges Faced by SMEs

Access Bank’s Deputy Managing Director, Victor Etuokwu, highlighted the persistent challenges faced by small and medium enterprises (SMEs) in Nigeria concerning power supply. Inconsistent electricity poses a significant hurdle for economic growth, hindering financial inclusion in rural areas, which is crucial for overall economic development.

The Green Energy Products

The partnership introduced an array of green energy products, including solar-powered TV sets, air conditioners, and Point of Sale (PoS) machines. These products aim to provide cost-effective and dependable solutions for SMEs, reducing their dependence on traditional power sources like generators and fostering a more sustainable business environment.

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Financial Inclusion and Economic Growth

Etuokwu emphasised the transformative potential of reliable electricity for SMEs, enabling the implementation of modern financial services such as digital banking and payment systems. The initiative aligns with the broader goal of promoting financial inclusion in rural areas, creating a foundation for economic growth and development.

Affordability and Payment Plans

Hakeem Shagaya, CEO of Asolar Systems, provided insights into the pricing structure, stating that the products range from N150,000 to N300,000. Importantly, these costs can be spread across a 6-month payment period, making the green energy solutions accessible and affordable for SMEs.

Scaling Distribution

Shagaya shared that Asolar Systems had already sold over 80,000 units of the green energy products. The partnership with Access Bank aims to scale up distribution, leveraging the bank’s extensive network of agents across the country. This collaborative effort seeks to make these sustainable solutions more widely available to businesses nationwide.

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