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    Thursday, November 23, 2023

    Access Bank, ASolar Launch Green Energy Solution for SMEs

    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

    Access Bank Plc, in partnership with ASolar Systems Nigeria, has launched green energy products to support small-scale businesses facing power supply challenges across the country.

    The partnering organisations launched the products which include solar-powered TV sets, air conditioners, and PoS machines, among many others, on Tuesday at the Garki branch of the Access Bank in Abuja.

    Speaking at the launch event tagged “Light Up Your Community”, Access Bank Deputy Managing Director, Victor Etuokwu, noted the challenges faced by small and medium enterprises regarding power supply.

    Represented by Neka Aduogu, the Director, Regional Services, Atuokwu also said the lack of power supply hampered financial inclusion in rural areas, which is a yardstick for economic growth.

    “This inconsistent power supply poses a substantial challenge for small and medium enterprises [SMEs] as well as initiatives aimed at promoting financial inclusion in rural areas, which is considered a yardstick for economic growth in Nigeria.

    “Currently, in Nigeria, owners of SMEs spend huge sums on procuring generating sets, purchasing fuel, and the maintenance of generators to operate their businesses successfully. Dependable 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.”

    Chief Executive Officer of Asolar Systems, Hakeem Shagaya, while fielding questions from pressmen at the event, explained that a unit of the products costs between N150,000 and N300,000, adding that payments could be spread across a 6-month period.

    He added that the company had already sold about 80,000 units of the products but was looking to scale up distribution through Access Bank agents across the country.

    “Currently we have over 80,000 already to customers on our database. Maybe about 30,000 have completed payment for the systems. We have a current stock of over 55,000, and we have a minimum reorder stock level. So 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”.

    Earlier, Chizoba Iheme, Group Head, Financial Inclusion, Access Bank Plc, disclosed that the bank had over 300,000 Access agents across the country to facilitate the distribution.

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