Nomba, Synafare Commit ₦2bn Solar Loans for 300 SMEs

In Short

Nigerian fintech Nomba and renewable energy financier Synafare have announced a ₦2 billion, about $1.4 million, lending commitment for solar equipment.

The plan targets around 300 small and medium-sized businesses in Nigeria over 24 months.

What Happened

Nomba said it will work with Synafare to provide financing for solar energy systems for Nigerian SMEs.

The funding pool is ₦2 billion, and the companies said it will be deployed over two years.

Eligible businesses can use the loans to acquire solar panels, inverters, and batteries. These are the core parts of a basic solar setup. Panels generate power, an inverter converts it to usable electricity, and batteries store it for later.

The announcement comes as many Nigerian businesses struggle with unreliable grid power and the cost of running generators. Solar is increasingly seen as an alternative because it can reduce fuel spend and downtime.

Why It Matters

Solar financing is still hard to access for many SMEs. The equipment is usually paid for upfront, and that capital cost blocks adoption even when monthly savings can be attractive.

A structured lending commitment helps spread the cost over time. That turns solar into something closer to a monthly business expense, rather than a one-time purchase.

The partnership also sits at the intersection of payments and energy. Fintechs already have transaction data and merchant relationships, which can help with credit decisions and collections, even if the exact underwriting model was not shared.

If the rollout performs well, it could encourage more asset-backed loans in Nigeria. Asset-backed means the loan is tied to a physical item, in this case solar equipment, which can reduce risk compared to unsecured lending.