A financial services company for African businesses, Nomba and a fintech powering financing for renewable energy sector, Synafare, have announced a N2 billion commitment to expand access to capital for small and medium-sized enterprises (SMEs) adopting solar energy across Nigeria.

Under the partnership, Nomba lends directly to SMEs acquiring renewable energy equipment, using Synafare’s origination and merchant-vetting network to identify and qualify borrowers.

The companies stated that the partnership has disbursed over N500 million to 10 SMEs, helping them acquire solar panels, inverters, and batteries.

Speaking, CEO, Nomba, Yinka Adewale, said: “At Nomba, we’ve built our credit business on a simple principle: lend responsibly, and lend directly, so the value reaches the merchant without unnecessary friction. Our partnership with Synafare has shown what that looks like in one of Nigeria’s most important sectors, solar energy access. Committing N2 billion to scale this model is a statement of confidence in Nigerian SMEs and in what we’ve built together with Synafare.”

On his part, CEO, Synafare, Tobi Esho, said: “Every business we work with wants solar power equipment to run and grow their operations, but the upfront cost of solar products is often out of reach. What Nomba’s direct financing has done, through the businesses we originate and vet, is close that gap. This N2 billion commitment lets us bring that same impact to a much larger group of Nigerian SMEs.”

The partnership pairs Synafare’s origination network with Nomba’s direct lending capability.
Synafare stated that it identifies, vets, and pre-qualifies SMEs seeking to acquire solar power, then submits their application and KYC documentation to Nomba, which independently assesses each business and, where approved, disburses a loan directly to them, with loan sizes averaging N50 million and reaching up to N100 million per merchant. Synafare then manages collection of repayments back to Nomba, combining sector-specific origination expertise with Nomba’s credit infrastructure and balance sheet.

The financing covers the full range of solar assets these SMEs need to power their operations, including panels, inverters, and batteries, helping the transition to renewable energy more affordable.

The two firms stated that the partnership has demonstrated the potential of financing productive assets to help SMEs become more productive and that the N2 billion commitment is also a starting point for a broader strategy.

Scaling the model will require more than deploying additional capital. Nomba and Synafare stated that they will scale capital alongside their ability to identify, assess and support suitable SMEs, while maintaining the quality of origination and underwriting needed for responsible growth.

Under the new commitment, the companies are targeting approximately 300 SMEs over 24 months, with loan sizes varying based on each business’s size and needs