FCMB adopts and supports clean energy

First City Monument Bank (FCMB), a subsidiary of the FCMB Group, aims to decrease its carbon impact and increase its financial commitment to clean energy firms. It has converted 73% of its Nigeria-wide network of branches from grid/diesel generators to solar power. The bank has also teamed with development finance institutions to provide targeted funding for mini-grids and energy-efficient projects to increase Nigeria's electricity access. African Development Bank, Proparco, and the International Finance Corporation are partner institutions. In addition, there are collaborative projects with the Nigeria Electrification Programme and the Nigeria Energy Support Programme.

Between June and July of this year, the lender extended around N1.7 billion in credit lines to firms in the renewable energy industry. More than N265 million was allocated to mini-grid projects with a combined PV capacity of 392 kWp across the states of Rivers, Niger, Ebonyi, and Ondo. In addition, around N330 million was used to fund three hybrid energy efficiency projects in Lagos and Abuja. Approximately 3,000 homes and Small and Medium-Sized Enterprises (SMEs) across the nation gained access to renewable energy sources as a result of these programs. They now have a steady electrical supply from solar, hydro, and biomass sources that are clean and environmentally beneficial.