Nomba and Synafare Commit N2bn for Solar Power in Nigeria

Nomba, a financial services company for African businesses, and Synafare, a fintech focused on renewable-energy financing, announced a N2 billion commitment to finance solar power for 300 small and medium-sized enterprises (SMEs) across Nigeria. This announcement was made in a statement on a recent date.

The commitment builds on over a year of collaboration, during which Nomba provided direct financing to SMEs for acquiring renewable-energy equipment. Yinka Adewale, CEO of Nomba, stated that the partnership exemplifies responsible lending, emphasizing that their credit business is built on lending directly to ensure value reaches merchants without unnecessary friction.

Tobi Esho, CEO of Synafare, highlighted that the partnership aims to address the high upfront costs of solar equipment, which often hinder businesses from transitioning to renewable energy. The N2 billion commitment is intended to expand the impact of their financing model to a larger group of Nigerian SMEs.