Mutual Trust MFBank unveils solar loan for businesses, customers

To promote responsible banking principles that prioritise sustainability and support the global shift towards net-zero greenhouse gas emissions by 2050, Mutual Trust MFBank Limited has introduced its Solar Loan product. The bank stated that it is empowering individuals and businesses to reduce their reliance on costly and environmentally harmful energy sources. By making it easier […]

To promote responsible banking principles that prioritise sustainability and support the global shift towards net-zero greenhouse gas emissions by 2050, Mutual Trust MFBank Limited has introduced its Solar Loan product.

The bank stated that it 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 to combat both the high cost of fuel and electricity while promoting a greener, more sustainable future.

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

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By making solar technologies more accessible, Mutual Trust in a statement disclosed that it is helping Nigerians not only save on electricity and fuel costs but also reduce their carbon footprints, contributing to a greener environment.

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.”

Mutual Trust’s solar loan product is not just a financial service—it’s part of the bank’s broader strategy to align with global sustainability goals. “We are bridging the gap between innovative financial services and affordable clean energy,” said Oyebisi. “We aim to make it easier for individuals and organizations to invest in renewable energy and be part of the solution to climate change.”

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 7, 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.

Gbenga Adetola, Chief Corporate Services Officer at Mutual Trust, emphasized 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.