Mutual Trust MFBank Limited has recently unveiled a groundbreaking Solar Loan product to promote renewable energy adoption in Nigeria. The bank’s goal is to empower individuals and businesses to transition away from expensive and environmentally harmful energy sources, such as diesel and petrol generators, to more sustainable solar energy solutions.
With this initiative, Mutual Trust aims to provide financial support for the acquisition of solar panels, batteries, and other essential renewable energy equipment. The move comes at a crucial time, as Nigeria grapples with high energy costs following the removal of fuel subsidies and rising electricity tariffs. The solar loan offers a solution for many Nigerians looking to mitigate these financial pressures by switching to solar power.
Josh Oyebisi, the Managing Director and CEO of Mutual Trust MFBank, emphasized that the Solar Loan is part of the bank’s commitment to making clean energy accessible to Nigerians without the heavy burden of upfront costs. He said, “We are committed to ensuring that Nigerians can transition to solar energy without being burdened by high upfront costs. Our solar loans make this possible by providing a cost-effective and environmentally friendly alternative to traditional energy sources.”
The Solar Loan also aligns with the United Nations Sustainable Development Goal (SDG) 7, which aims to ensure access to affordable, reliable, sustainable, and modern energy for all by 2030. Mutual Trust’s solar financing program not only supports Nigeria’s energy transition but also contributes to global efforts to combat climate change by promoting the use of renewable energy sources.
In addition to reducing reliance on traditional fossil fuels, the loan features flexible repayment options, making solar adoption accessible to a wide range of customers, from individuals to small businesses. Gbenga Adetola, the Chief Corporate Services Officer at Mutual Trust, highlighted the importance of offering financial solutions that remove barriers to solar energy adoption. He stated, “We understand that the cost of acquiring a solar system can be prohibitive for many businesses and individuals. Our tailored solar loan options with flexible repayment terms make it easier for more Nigerians to transition to clean energy.”
Mutual Trust MFBank is widely recognized for its contributions to financial inclusion and is now expanding this commitment to environmental sustainability. Through the Solar Loan, the bank is playing a key role in the nation’s push towards clean energy, helping to protect the environment and reduce carbon emissions while supporting Nigeria’s renewable energy growth.
