In a strategic move to address the power supply challenges faced by small-scale businesses in Nigeria, Access Bank Plc has joined forces with ASolar Systems Nigeria to unveil a range of green energy products. The product launch, held at the Garki branch of Access Bank in Abuja on Tuesday, showcased innovations such as solar-powered TV sets, air conditioners, and Point of Sale (PoS) machines, aimed at empowering businesses grappling with unreliable power sources.
During the event themed “Light Up Your Community,” Access Bank’s Deputy Managing Director, Victor Etuokwu, highlighted the persistent struggles encountered by small and medium enterprises in the country concerning power supply. Etuokwu, represented by Neka Aduogu, the Director of Regional Services, emphasized that the lack of consistent power adversely affects financial inclusion in rural areas—an essential factor for economic growth.
“This inconsistent power supply poses a substantial challenge for small and medium enterprises [SMEs] as well as initiatives aimed at promoting financial inclusion in rural areas, which is considered a yardstick for economic growth in Nigeria.
“Currently, in Nigeria, owners of SMEs spend huge sums on procuring generating sets, purchasing fuel, and the maintenance of generators to operate their businesses successfully. Dependable electricity is a fundamental prerequisite for implementing modern financial services like digital banking and payment systems, particularly in underserved rural areas.
“Through this partnership, we embark on a transformative journey to introduce cost-effective and dependable solar-powered solutions tailored specifically for small and medium businesses.”
Asolar Systems’ Chief Executive Officer, Hakeem Shagaya, shed light on the company’s innovative products. During the interactive session with the media, Shagaya disclosed that their cutting-edge units, designed to revolutionize the energy sector, are priced between N150,000 and N300,000 per unit. Notably, he emphasized the company’s commitment to making this technology accessible to a broader audience by offering a flexible payment plan spanning six months.
Highlighting the success of their initial sales, Shagaya proudly announced that Asolar Systems has already sold an impressive 80,000 units of their groundbreaking products. Eager to extend their reach and impact, the company is set to collaborate with Access Bank agents nationwide, aiming to enhance the distribution network.
“Currently we have over 80,000 already to customers on our database. Maybe about 30,000 have completed payment for the systems. We have a current stock of over 55,000, and we have a minimum reorder stock level. So as we have partnered with Access, we hope that the volume will go up, and as the volume is going up, we will expand our financing”.