Nomba, a Nigerian fintech, and Synafare, an asset financing company focused on the renewable energy sector, have announced a ₦2 billion ($1.4 million) lending commitment to finance solar energy systems for small and medium-sized businesses in Nigeria.
The companies said the capital will be deployed over 24 months to support about 300 SMEs in acquiring solar panels, inverters, and batteries.
The financing vehicle comes as Nigerian businesses face limited access to credit and the high cost of unreliable electricity. About 40 million micro, small, and medium enterprises (MSMEs) operate across Nigeria and contribute nearly half of the country’s GDP, yet more than 80% lack access to formal credit.
At the same time, Nigeria’s solar market is expanding as businesses look for alternatives to an unstable grid. Four in 10 Nigerians depend on generators as the grid falters, while solar accounts for 1.5% of Nigeria’s overall energy mix, according to the Africa Solar Outlook 2026 report. For Nomba and Synafare, that gap presents an opportunity to finance the equipment that businesses need to generate power.
“At Nomba, we’ve built our credit business on a simple principle: lend responsibly, and lend directly, so the value reaches the merchant without unnecessary friction,” said Yinka Adewale, chief executive officer of Nomba. “Our partnership with Synafare has shown what that looks like in one of Nigeria’s most important sectors, solar energy access. Committing ₦2 billion ($1.4 million) to scale this model is a statement of confidence in Nigerian SMEs and in what we’ve built together with Synafare.”
