Mutual Trust MFBank champions renewable energy adoption

As part of its unwavering commitment to responsible banking principles that prioritise sustainability and support the global shift toward net-zero greenhouse gas emissions by 2050, Mutual Trust MFBank Limited is at the forefront of driving renewable energy adoption in Nigeria.

With the introduction of its innovative Solar Loan product, the bank is empowering individuals and businesses to reduce their reliance on costly and environmentally harmful energy sources. By making it easier to acquire solar panels, batteries, and other renewable energy equipment, Mutual Trust is helping Nigerians combat both the high cost of fuel and electricity while promoting a greener, more sustainable future.

Through its solar financing solutions, the bank is actively supporting the global transition to clean energy, aligning with international efforts to combat climate change and reduce carbon footprints.

Dubbed the “Solar Loan,” the product is designed to reduce reliance on traditional, fossil fuel-powered energy sources and promote clean and renewable energy.

Commenting on the Solar Loan, Managing Director/CEO of Mutual Trust MFBank, Josh Oyebisi, described it as part of the bank’s commitment to driving a clean energy revolution. “We are committed to ensuring that Nigerians can transition to solar energy without being burdened by high upfront costs,” he said. “Our solar loans make this possible by providing a cost-effective and environmentally friendly alternative to traditional energy sources.”

Nigeria, like many developing countries, faces significant challenges related to energy, including high fuel costs, unreliable power supply, and the environmental impact of widespread generator use. By offering financial solutions for renewable energy systems, Mutual Trust MFBank is addressing these issues head-on.

“We are bridging the gap between innovative financial services and affordable clean energy. We aim to make it easier for individuals and organizations to invest in renewable energy and be part of the solution to climate change,” said Oyebisi.

With flexible repayment options, the Solar Loan is accessible to a wide range of customers, allowing them to transition to solar power without the burden of high initial costs. The bank’s efforts are in line with SDG seven, which calls for universal access to affordable, reliable, and sustainable energy by 2030.

The introduction of the Solar Loan is timely, given the economic challenges many Nigerians face, including the fuel subsidy removal and high electricity tariff.

Chief Corporate Services Officer, Mutual Trust, Gbenga Adetola, emphasised the importance of reducing financial barriers to solar adoption. “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,” he said.