Nigerian fintech company Nomba and renewable energy financing company Synafare have announced a ₦2 billion, equivalent to about $1.4 million, financing commitment to help small and medium sized businesses across Nigeria acquire solar energy systems. The initiative is expected to support about 300 businesses over the next 24 months, providing access to solar panels, inverters and batteries that can help reduce their dependence on petrol and diesel generators.
Under the initiative, eligible businesses will be able to access financing for solar equipment and repay the cost over an agreed period. The partnership seeks to address one of the major challenges facing Nigerian businesses, particularly SMEs, where unreliable electricity supply and the rising cost of alternative power sources continue to affect operating expenses and productivity. Synafare’s financing model is designed to help businesses obtain solar equipment without bearing the full upfront cost.
The partnership also highlights the growing connection between financial technology and renewable energy in Nigeria. Nomba, which provides payment and business management services to merchants, is expected to use its relationship with businesses to support access to the financing programme, while Synafare brings expertise in solar equipment sourcing and renewable energy asset financing. The companies believe combining financial services with clean energy solutions can make solar adoption more accessible to businesses that may struggle to secure conventional financing.
The initiative comes amid growing efforts to expand distributed renewable energy as Nigeria continues to grapple with electricity supply challenges. Other major programmes are also directing private capital towards solar infrastructure for businesses and underserved communities. The Nomba and Synafare initiative therefore adds another private sector approach to Nigeria’s broader energy transition, with the potential to reduce energy costs, improve business resilience and encourage wider adoption of clean energy among small businesses.