Wema Bank Supports SMEs in Nigeria with N1 Billion Loans

Wema Bank PLC is providing loans for SMEs that want to buy clean and renewable energy solutions like solar panels, inverters, and batteries in order to demonstrate its unwavering support for the energy transition in Nigeria and to assist businesses in the country in overcoming the challenges presented by the rising costs of gasoline and diesel in the country.

This will be made available in collaboration with respectable service providers and renewable energy firms in Nigeria. With an average product lifespan of 10 years, the partners must provide after-sales services and a warranty on renewable energy products of up to 2 years.

Numerous companies in the nation, particularly SMEs, rely on fossil fuels to power their operations in the face of inadequate power supplies and the ongoing failure of the national grid. Consequently, many firms have been severely impacted by the rise in the price of fossil fuel products. Many companies have turned to pass on the cost to customers in an effort to offset the consequences of their increased operational costs, which has had a negative impact on the economy.

The Divisional Head, of Retail Business, Wema Bank Plc, Mr. Dotun Ifebogun, commented on the current initiative and said that the renewable energy-focused loans will help SMEs all across the country by easing the impact of the high cost of electricity on their operations. He asserts, “We need to provide financial support to SMEs to encourage their responsibilities as the engines of the economy, by establishing alternative power options at competitive prices and informing them of the advantages of alternative power in solar energy, to the environment.

Therefore, this effort contributes to Wema Bank’s strategic focus of leading Nigeria’s energy transformation and assisting businesses there in being green in addition to reducing the consequences of growing energy costs. The necessity for clean energy alternatives cannot be overstated given the terrible environmental damage that fossil fuels inflict on a global scale. Tons of greenhouse gases are released into the atmosphere and there is environmental damage as a result of the widespread usage of petrol and diesel generators by businesses and households in the nation.

The Head of SME Banking at Wema Bank PLC, Mr. Arthur Nkemeh, also commented on the initiative and revealed that the bank will provide free technical support in addition to financial support. Through our bank’s array of SME business advising programs and non-financial services, he added, “SMEs that receive our renewable energy loans will also enjoy capacity building help in sustainability, energy efficiency, and other essential areas of business management.”

Business owners interested in applying for these loans for renewable energy can do so, according to Mr. Nkemeh, by visiting any nearby Wema Bank branch or by contacting the Wema Bank SME Banking team at smehelpdesk@wemabank.com and chinedu.nnawetanma@wemabank.com.

READ MORE: ALAT By Wema has won the overall best mobile app