A financial services company called Nomba and a fintech company named Synafare have teamed up to invest N2 billion (about $4.8 million) to help small and medium-sized businesses (SMEs) in Nigeria access solar power. This funding aims to make it easier for these businesses to buy solar energy equipment, which can be expensive upfront. Nomba's CEO, Yinka Adewale, emphasized that their approach focuses on responsible lending, ensuring that businesses can get the financial support they need without complications. He believes this investment shows confidence in Nigerian SMEs and the potential of solar energy. Synafare's CEO, Tobi Esho, explained that many businesses want to switch to solar power but struggle with the high initial costs. The financing from Nomba helps bridge this gap, allowing more businesses to benefit from renewable energy. With this new investment, they hope to support even more SMEs in Nigeria.
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