Nomba and Synafare have committed N2 billion to small and medium-sized enterprises (SMEs), in a partnership that seeks to help SMEs acquire solar energy at a zero percent non-performing loan rate, improve their productivity, and help them hedge against epileptic power supply in the country.
The partnership between both companies merges Synafare’s origination network with Nomba’s direct lending capability to deliver the disbursement efficiently.
Synafare, a solar trading company, identifies, verifies, and selects SMEs seeking to acquire solar power, then submits their application and KYC documentation to Nomba,
Nomba, a Nigerian banking infrastructure for business, which independently assesses each business and, where approved, disburses a loan directly to them, with loan sizes averaging N50 million and reaching up to N100 million per merchant.
The financing covers the full range of solar assets these SMEs need to power their operations, including panels, inverters, and batteries, helping the transition to renewable energy more affordable.
