FCMB Launches ₦30 Million Energy Loan to Empower Nigerian Homes and Businesses

First City Monument Bank (FCMB) has taken a significant step to support clean energy in Nigeria by expanding its energy finance loan. Now offering up to ₦30 million, this loan is available to households and small businesses looking to invest in renewable energy products like solar panels, batteries, and inverters.

With flexible repayment terms of up to three years, FCMB’s upgraded loan aims to ease financial pressures. This is especially timely as energy costs rise following the recent fuel subsidy removal, helping businesses shift more funds toward growth and operations.

A Boost for Nigeria’s Renewable Energy Sector

FCMB’s energy loan enhancement aligns with its mission to champion sustainable energy solutions across Nigeria. By offering more accessible funding options, FCMB hopes to support Nigeria’s 2060 net-zero carbon goal while easing the burden on businesses and families navigating the country’s energy challenges.

The loan also arrives at a pivotal moment, given the recent increase in energy costs after the fuel subsidy removal. By helping households and businesses access clean energy, FCMB is supporting economic stability and a more sustainable energy future.

Yemisi Edun, Managing Director of FCMB, expressed confidence in the loan’s potential to drive Nigeria’s renewable energy adoption. 

“This loan gives households and businesses easy access to affordable funding for clean energy solutions, supporting sustainable growth,” she said. “It also helps offset the rising fuel prices caused by the removal of the fuel subsidy. At FCMB, we’re committed to helping people and businesses succeed while backing the government’s push for a stable and sustainable power supply.”

This renewed commitment reflects FCMB’s dual focus: promoting environmental sustainability and economic growth.

George Ogbonnaya, FCMB’s Group Head of Business Banking, highlighted the bank’s dedication to making clean energy financing both affordable and accessible.

“At FCMB, we are dedicated to helping businesses thrive. Our new energy finance loan helps businesses and homes access clean energy. It is affordable, accessible through a simple digital process, and designed to support job creation, boost our economy, and promote environmental sustainability,” Ogbonnaya noted.

By keeping the application process digital and straightforward, FCMB ensures that more Nigerians can conveniently access the loan and transition to cleaner, cost-effective energy sources.

FCMB has a strong track record in renewable energy support. Over the last three years, the bank has financed numerous clean energy initiatives, including solar installations, mini-grids, and energy-efficient plants. 

Beyond funding, FCMB has also engaged in capacity-building programs and linked clean energy providers directly with consumers, fostering a robust renewable energy ecosystem. These initiatives underscore FCMB’s long-standing commitment to Nigeria’s energy transition.

Recognition for Sustainable Impact

The Development Bank of Nigeria recently awarded FCMB for its impactful financing. The bank received two prestigious titles: “Best Bank for Impact on MSMEs Accessing Credit for the First Time in Nigeria” and “Highest Disbursement to Sustainability Projects.” 

These awards highlight FCMB’s dedication to making sustainability financing accessible and impactful, especially for small businesses, further solidifying its role in promoting a cleaner, greener Nigeria.