Climate change: Access Bank unveils Switch to Solar campaign

Access Bank has unveiled its ‘Switch to Solar’ campaign for households and businesses to tackle climate change and promote a friendly and cleaner energy environment.

It was reported that the campaign aims to leverage the rapidly-improving economics of solar and storage technologies to enable households, commercial and industrial clients to adopt a cleaner environment.

The bank’s Group Head, Consumer Banking, Njideka Esomeju, said at the launch in Lagos that the campaign would offer consumers a reliable source of electricity through solar photovoltaic (PV) and batteries.

Esomeju said that the campaign was in alignment with the bank’s commitment to social responsibility and sustainable development.

She said the bank would remain committed to promoting cleaner energy solutions within communities.

She added that the bank recognised the critical role that renewable energy played in reducing carbon footprints and fostering environmental sustainability.

“We are launching a targeted initiative to facilitate acquisition of solar power products through flexible financing options with the Switch to Solar product,” she said.

Esomeju said the initiative would enable households to have access to solar energy at a reduced cost to be financed by the bank.

She said that the bank was collaborating with accredited vendors across the country.

“We are collaborating with them to ensure that these are got at a good rate. Our aim is to ensure that all households, businesses and industrial factories are powered by solar,” she said.

Mr Gbenga Sheriff, the bank’s Head of Risk Management (Environmental and Social Risk), said the campaign would increase adoption of solar power products in targeted clusters and increase positive environmental impact through reduced carbon emissions.

Sheriff said that the campaign was in line with the Federal Government’s commitment to its Nationally-Determined Contribution to the United Nations Framework Convention on Climate Change Paris Agreement.

He said the government committed to an unconditional contribution target of Greenhouse Gas (GHG) emission reduction by 20 per cent and a conditional target of 47 per cent GHG emission reduction below 2018 emissions levels contingent on international support.

Mr Bolarinwa Animashaun, the bank’s Regional Sales Director, Lagos 1, said the ‘Switch to Solar’ initiative followed the bank’s engagements with its customers.

Animashaun said the initiative was in line with the objectives of Economic, Social and Governance Goal 7.

“We needed to assist them to provide alternative ways to power their operations. We all know the cost of electricity,” he said.

He said the product could be acquired without pressure to customers, adding that payment could be made over a period of 48 months.

Animashaun said that an individual salary earner could be able to access N10 million.

The bank’s Group Head of Women Banking, Abiodun Olubitan, said the bank would finance the entire solar products – from panels, inverters and batteries to installation.

“We want to take this awareness, in collaboration with our partners, to the doorsteps of every community around us, one individual at a time and one cluster at a time.

“We also plan to educate people about the benefits of solar energy and its impact on environmental sustainability,” Olubitan said.

She said the campaign had to do with sustainability, social impact and providing finance for customers to purchase and pay over a period of 12 months to 48 months.

Olubitan identified the underserved as a major target market for ‘Switch to Solar’.

She said that the underserved had about 60 per cent of its population as women.

“We are trying to ensure that this product is also positioned to women’s reach.

“The product will be given to women at a very discounted interest rate to enable them to run their businesses in any scale that they want,” she added.

Switch to Solar by Access campaign will enable businesses to access up to N50 million and individuals, N10 million, for the financing of Solar PV, batteries and inverters along with installation, with about 10 per cent equity contribution on invoice value.