Access Bank and ASolar Illuminate SMEs with Green Energy Solution

Access Bank Plc, in collaboration with ASolar Systems Nigeria, has recently introduced a range of green energy products aimed at supporting small-scale businesses grappling with power supply challenges throughout Nigeria. The launch event, named “Light Up Your Community,” took place on Tuesday at the Garki branch of Access Bank in Abuja, showcasing innovations such as solar-powered TV sets, air conditioners, PoS machines, and more.

Victor Etuokwu, the Deputy Managing Director of Access Bank, emphasized the substantial challenges faced by small and medium enterprises (SMEs) due to unreliable power supply. Speaking through Neka Aduogu, the Director of Regional Services, Etuokwu highlighted how the lack of consistent electricity hampers financial inclusion in rural areas, a crucial factor for economic growth in Nigeria.

“Inconsistent power supply poses a substantial challenge for SMEs and initiatives promoting financial inclusion in rural areas, which is considered a yardstick for economic growth in Nigeria. Currently, SME owners in Nigeria spend significant amounts on procuring generators, purchasing fuel, and maintaining generators to operate successfully. Reliable electricity is a fundamental prerequisite for implementing modern financial services like digital banking and payment systems, particularly in underserved rural areas. Through this partnership, we embark on a transformative journey to introduce cost-effective and dependable solar-powered solutions tailored specifically for small and medium businesses.”

Hakeem Shagaya, the Chief Executive Officer of Asolar Systems, provided further details during a press conference at the event. He explained that the products are priced between N150,000 and N300,000 per unit, with the option for customers to spread payments over a six-month period. Shagaya revealed that the company has already sold approximately 80,000 units, and while 30,000 customers have completed payments, there is a current stock of over 55,000 units. Looking ahead, he expressed optimism about scaling up distribution through Access Bank agents nationwide.

“Currently, we have over 80,000 customers in our database, with about 30,000 having completed payment for the systems. We have a current stock of over 55,000, and we have a minimum reorder stock level. As we have partnered with Access, we hope that the volume will go up, and as the volume is going up, we will expand our financing.”

Chizoba Iheme, the Group Head of Financial Inclusion at Access Bank Plc, shared insights into the bank’s extensive network for product distribution. With over 300,000 Access agents across the country, Access Bank is well-positioned to facilitate the widespread availability of these green energy solutions.

The partnership between Access Bank and Asolar Systems marks a significant step towards addressing the energy needs of small businesses and promoting financial inclusion. By providing cost-effective and reliable solar-powered solutions, the initiative aims to not only alleviate the burden of power supply challenges but also contribute to the economic development of rural areas in Nigeria.

As the collaboration gains momentum, the hope is that more SMEs will adopt these sustainable energy solutions, fostering a positive impact on their operational efficiency and overall business growth. The accessibility of these products through Access Bank’s extensive agent network further enhances the reach and potential success of this innovative venture.

In conclusion, the “Light Up Your Community” initiative signifies a commitment to sustainable development and financial inclusion, aligning with the broader goal of fostering economic growth and empowerment in Nigeria. Access Bank’s strategic partnership with Asolar Systems reflects a proactive approach to addressing pressing challenges faced by small businesses, paving the way for a brighter and more energy-efficient future for communities across the country.