The desire to expand access to clear energy for millions of Nigeria has spurred Baobab Plus Nigeria to partner with LAPO Microfinance Bank.
With this collaboration, Baobab+ solar products such as Solar Home Systems, Solar Generators and Solar Power Stations will be available to more Nigerians through flexible financing plans provided by LAPO Microfinance Bank.
With this reach extended to over 100,000 local communities in rural and peri-urban areas, including individuals, families, and small business owners, who face energy insecurity and high electricity costs, can now enjoy reliable and renewable energy at affordable rates.
Baobab+ Nigeria is a leader in solar energy and digital inclusion. It is committed to accelerating access to clean and affordable energy solutions across the country.
Joining forces with LAPO Microfinance Bank is strategic because the small lender is the largest microfinance institution in Nigeria with over 500 branches in 34 states, including the FCT, Abuja, and 6 million active clients.
With over three decades of experience in providing financial services to low-income individuals, LAPO Microfinance Bank boasts of an expansive branch network and deep community trust.
Through this collaboration, customers will be able to walk into any LAPO branch and finance Baobab+ solar products through convenient repayment plans tailored to their income level.
“At Baobab+, our mission has always been to democratize access to clean energy and digital technology, especially for underserved populations.
“Through this partnership with LAPO Microfinance Bank, we are bringing that mission to life by offering more people the opportunity to power their homes and businesses sustainably and affordably,” the chief executive of Baobab+, Mr Kolawole Osinowo, stated.
On her part, the Managing Director of LAPO MFB, Ms Cynthia Ikponmwosa, said, “LAPO Microfinance Bank began its journey into the sustainability space as far back as 2012, with initiatives focused on financial inclusion and environmental responsibility.
“This partnership marks a new phase in that journey, enabling us to finance clean energy solutions that improve livelihoods, reduce carbon footprints, and close the energy access gap for millions of Nigerians.”
Business Post reports that this launch comes at a crucial time when over 86 million Nigerians continue to face the challenges of inconsistent electricity supply, fuel price volatility, and rising energy costs.
Baobab+ solar solutions not only provide an environmentally friendly alternative but also help reduce daily operational costs for small businesses and improve the quality of life for households.
Baobab+ and LAPO Microfinance Bank partnership reinforces both organizations’ commitment to empowering Nigerians with innovative solutions that bridge the energy access gap and drive inclusive growth. Essentially, access to energy is also a foundational driver of economic development, health, education, and social inclusion.