In a bid to further advance sustainable energy solutions and increase accessibility for communities and small-scale businesses all over the country, provider of solar technologies, BaobabPlus Nigeria, has partnered with digital microfinance institution dedicated to financial inclusion, Trade Lenda.
   
This collaboration, the duo said, seeks to revolutionise the energy landscape by offering hybrid solar generators, solar freezers and fridges on loan to customers. Leveraging the strengths of both organisations, this partnership aimed to bring affordable solar solutions within reach of a broader audience, while simultaneously promoting financial inclusion in underserved regions or communities not on the grid.
   
Speaking with The Guardian, Chief Executive Officer, BaoabplusNG, Kolawole Osinowo, pointed out that as the world’s demand for cleaner energy solutions grows, they are committed to addressing the pressing need for accessible and affordable solar products. Through this partnership, he said, they intend to make their range of solar solutions, including solar-powered generators, fridges and freezers, available to a wider customer base.
    
He added that Trade Lenda, with its expertise in tailored financial services and deep community connections, will facilitate the distribution of these solar products through microloans, ensuring that customers can harness the power of the sun without the initial financial burden. He said by offering favourable loan terms and flexible repayment options, this collaboration will create opportunities for individuals, business owners and communities to invest in sustainable energy solutions.
   
“This partnership reflects our shared vision of promoting renewable energy access and economic empowerment for SMEs in Nigeria and we are excited about this partnership that will help us do more. Together, we will provide Small and Medium Enterprises with the means to access clean energy solutions that advance their business growth,” he said.
    
Osinowo added that Nigeria has the lowest electrification rate in Africa with big manufacturers having to use hybrid solutions/energy mix such as solar energy and gas to power machines.
    
Chief Operating Officer, Trade Lenda, Oyindamola Olaniyan, expressed equal enthusiasm about the partnership, saying their mission remained providing opportunities and unlocking potentials for SMEs to help them scale. She added that this collaboration aligned perfectly with their core values of financial empowerment and community development.
    
By combining their expertise and resources, the duo aimed to create a brighter and more sustainable future for communities, individuals and small business owners. Olaniyan said customers could make installmental payments from between 15-30 per cent down payments to access from 600w up to 5kw of solar energy.
   
“There are millions of SMEs all over Nigeria and those are the ones we want to reach. A lot of them are struggling to make ends meet and it’s important to support them with finances and solutions that can help them move their business forward. SMEs are the lifeblood of our economy and we need to keep them running. Many businesses are dying and a huge cause of this is the poor electricity in Nigeria,” she stated.
    
Osinowo regretted that lack of knowledge and the huge onboarding cost prevents many SMEs from embracing solar in Nigeria but said this will help in that regard. “We also want to engage with the minister of power so that companies like ours have concessionary financing. Shift of subsidies from petrol should shift to renewable energy products, which would reduce our petrol consumption,” he said.