Nomba, Synafare pledge ₦2bn to finance solar for 300 Nigerian SMEs
Nomba and Synafare have announced a ₦2 billion ($1.4 million) lending commitment to finance solar energy systems for about 300 small and medium-sized businesses in Nigeria over 24 months. Loans will average ₦50 million and can reach up to ₦100 million per merchant, depending on size and needs. Synafare identifies, vets and pre-qualifies SMEs interested in solar power; Nomba then conducts independent credit assessment and disburses the loan directly to the approved merchant, while Synafare manages repayment collection.
This initiative targets a critical gap: Nigeria has over 40 million MSMEs contributing nearly half of GDP, yet more than 80% lack access to formal credit. Simultaneously, about 40% of Nigerians rely on generators due to an unstable grid, while solar makes up only 1.5% of the national energy mix. By enabling affordable solar financing, the partnership aims to cut generator expenses, extend operating hours and boost productivity for participating businesses.
Interested SMEs must go through Synafare’s vetting process and submit KYC documentation to Nomba for credit approval. Funds are disbursed directly to merchants upon approval, with Synafare handling repayments. The ₦2 billion commitment will be deployed over two years; no interest rate or fees were disclosed in the announcement. Successful execution could scale the model to reach more Nigerian businesses seeking reliable power alternatives.