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Nigerian fintech Nomba and renewable-energy financing company Synafare have committed ₦2 billion, equivalent to about $1.4 million, to help 300 businesses across Nigeria acquire solar power systems over the next 24 months.
The financing initiative is aimed at helping small and medium-sized businesses overcome two of their biggest operating challenges unreliable electricity and limited access to affordable credit.
Under the partnership, eligible businesses will be able to secure financing for solar equipment, including solar panels, inverters and batteries, allowing them to reduce their dependence on petrol and diesel generators.
The companies said the programme will target approximately 300 Nigerian businesses, with the financing designed to make solar infrastructure more accessible to enterprises that may struggle to fund the upfront cost of installation.
Nomba to Handle Credit Assessment
The partnership combines the respective capabilities of both companies.
Synafare, which operates within Africa’s solar-energy supply ecosystem, will identify and pre-qualify businesses seeking financing for solar installations.
Nomba will then conduct the financial assessment of applicants, including its Know Your Customer (KYC) and credit checks, before approved financing is released.
Once an application is approved, Nomba will disburse the financing directly to the business, while Synafare will manage repayment collection following installation.
The structure is intended to simplify the process for businesses by bringing solar procurement and financing closer together.
Average Financing of About N50m
The programme is expected to provide an average loan of approximately ₦50 million, while individual businesses could access as much as ₦100 million, depending on their eligibility and financing requirements.
The companies plan to deploy the ₦2 billion commitment over a two-year period, potentially allowing participating businesses to replace or significantly reduce their reliance on conventional generators.
For businesses that spend a substantial portion of their operating income on fuel and generator maintenance, the shift to solar could also reduce energy costs and allow them to operate for longer hours.
Targeting Nigeria’s Power and Credit Gaps
The initiative comes against the backdrop of persistent electricity challenges facing Nigerian businesses.
Many small businesses continue to rely on petrol and diesel generators when grid electricity is unavailable or unreliable, increasing their operating expenses.
At the same time, access to formal credit remains a major constraint for small and medium-sized enterprises, particularly those seeking capital for productive assets rather than short-term working capital.
By combining financing with access to renewable-energy equipment, Nomba and Synafare are seeking to address both constraints simultaneously.
Solar Financing Becomes a Growing Opportunity
The partnership also reflects growing interest in financing models that allow Nigerian businesses to adopt renewable energy without bearing the full cost of equipment upfront.
Synafare has built its platform around supporting businesses in the solar supply chain, including installers, distributors and manufacturers, while offering financing tools designed for solar projects.
For Nomba, the initiative expands the fintech’s role beyond payments and financial services into asset financing for businesses.
The two companies have already spent more than a year working together, giving them an existing operating relationship on which to build the larger programme.
Businesses Could Cut Generator Dependence
The companies expect the financed solar installations to help businesses lower their exposure to the rising cost of fossil-fuel-powered electricity.
Beyond immediate cost savings, solar systems could provide enterprises with more predictable access to electricity, enabling them to extend operating hours and improve productivity.
For small businesses whose operations depend heavily on refrigeration, manufacturing equipment, computers or other electrical systems, more reliable power could translate into fewer disruptions and lower operating costs.
A Test for Embedded Energy Financing
The initiative highlights a broader opportunity for fintech and renewable-energy companies to work together to solve infrastructure challenges through financing.
Rather than treating solar adoption purely as an energy problem, the Nomba-Synafare model approaches it as a combination of energy access, credit and business productivity.
If the programme reaches its target of 300 businesses, it could provide a practical test of whether embedded financing can accelerate renewable-energy adoption among Nigerian enterprises.
For Nomba and Synafare, the immediate challenge will be identifying businesses capable of sustaining repayments while ensuring that the financed solar systems deliver the expected reduction in energy costs.
The wider goal, however, is straightforward: help Nigerian businesses replace expensive and unreliable power sources with solar infrastructure without having to shoulder the entire upfront investment themselves.
