Nigeria: Firms Commit N2bn to Finance Solar Power for 300 Nigerian SMEs

What the report says

Nomba, a financial services company serving African businesses, and Synafare, a fintech focused on renewable-energy financing, have announced a N2 billion commitment to widen access to solar-power financing for small and medium-sized enterprises across Nigeria. The announcement was made in a statement cited by This Day and distributed by AllAfrica, which said the effort is intended to support about 300 Nigerian SMEs.

According to the report, the new funding builds on more than a year of cooperation between the two firms. Nomba has already been providing direct financing to businesses looking to buy renewable-energy equipment, while Synafare has helped originate and vet borrowers for solar-related credit. The companies said the model is meant to reduce the barrier created by the upfront cost of solar systems, which can prevent smaller firms from shifting to cleaner and more reliable power.

Nomba chief executive Yinka Adewale said the company aims to lend directly and responsibly so merchants receive value without unnecessary friction. Synafare chief executive Tobi Esho said the larger commitment would allow the partnership to extend its impact to a broader set of SMEs. More broadly, the deal reflects growing private-sector interest in distributed solar financing in Nigeria, where power reliability remains a persistent business challenge.