Nomba and Synafare Commit N2 Billion for Solar Financing

Financial services company Nomba and renewable-energy fintech Synafare have committed N2 billion to expand solar-energy financing for 300 small and medium-sized enterprises (SMEs) across Nigeria. The initiative targets the high upfront costs of solar equipment, which frequently prevent small businesses from transitioning to renewable energy.

This funding follows more than a year of collaboration between the two firms, during which Nomba provided direct financing to SMEs for renewable-energy equipment. The partnership utilizes Synafare to originate and vet the businesses receiving the funds.

Nomba CEO Yinka Adewale described the commitment as a statement of confidence in Nigerian SMEs and a reflection of the company's principle to lend responsibly and directly. Synafare CEO Tobi Esho noted that the financing closes the gap for businesses that require solar power to grow their operations but cannot afford the initial investment.