NIGERIA – Sterling Alternative Finance, the non-interest banking division of Sterling Bank Plc, has announced the launch of a new alternative power initiative, called ‘Altpower’, for homes and businesses.
Sterling Bank in a statement explained that the energy solution would provide consumers with flexible and pocket-friendly options for power access.
According to the statement, the Altpower power package comes with a financing option that eliminates the high entry cost barrier hindering the uptake of alternative energy solutions for most Nigerian homes and businesses.
The Head of Digital Business, Sterling Alternative Finance, Mohammed Yinusa, said Altpower was designed to provide accessible alternative (solar/renewable) power solutions to homes, businesses and public institutions in the country through monthly or installment-payment plan.
“Altpower offers a more reliable and affordable energy source to underserved homes and businesses as well as those living and doing business in communities that do not have any access to electricity,” Yinusa said.
“It is a reliable, accessible and affordable solution that is scalable to meet every customer’s desired energy needs.”
Yunasa further noted that individuals and businesses could enjoy uninterrupted power supply through buying, leasing-to-own, or through power-as-a-service subscription.
The Altpower package provides energy products that range from inverters to batteries, UPS, surge protectors, solar home systems among others.
According to Yinusa, a customer who opts for power-as-a-service subscription would have solar-powered inverters delivered and installed without making an advance fee or payment, and will only be required to pay a monthly rental fee.
Millions of Nigerians do not have access to grid electricity, relying instead on polluting lighting sources such as kerosene lanterns, candles, and torches.
The situation in rural areas is particularly acute with only 41.1% grid access rate.
Even among those who have access to the grid, 40% are ‘under-electrified’ – meaning they have less than 12 hours of grid electricity per day.