Mojec partners banks to provide prepaid meter financing for customers
Mojec said the prepaid meter financing scheme is available to customers within the coverage areas of its partner Distribution Companies (Discos) across the country.
Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited – a Lagos-based holding company with operations in power, energy, real estate and retail sector across Africa and Asia – has announced a partnership with some commercial banks in Nigeria to provide retail financing for electricity customers. The announcement, which was made at a Stakeholders Forum and Memorandum of Understanding signing ceremony held in Lagos on Monday, comes ahead of the commencement of the Nigerian Electricity Regulatory Commission's (NERC) Meter Asset Providers (MAP) scheme.
Mojec said the prepaid meter financing scheme is available to customers within the coverage areas of its partner Distribution Companies (Discos) across the country. Managing Director/CEO of Mojec International Limited, Chantelle Abdul, said the company partnered with eight Discos, namely Ikeja Electric, Eko DISCO, Abuja DISCO, Kano DISCO, Enugu DISCO, Jos DISCO, Ibadan DISCO and Kaduna DISCO. These Discos covered about 20 states in Nigeria.
Partner banks for the initiative include Polaris Bank, First Bank, Wema Bank, Unity Bank, Keystone Bank, Zenith Bank, Sterling Bank and First Option Micro Finance Bank.
"Now that MAP is here, Mojec is once again blazing the trail in the provision of high-end quality pre-paid meters to customers, helping to reduce the financial burden estimated electricity billing is putting on electricity consumers,” said Abdul, who also emphasised the company's determination to bridge the metering gap in the Nigerian power sector by ensuring provision of quality electricity meters to customers.
The NERC's MAP scheme was designed to expand access to electricity consumers and end estimated billing in the country. The Chairman of the NERC, Professor James Momoh, commended Mojec for its efforts in supporting the full-scale implementation of the MAP Scheme, which allows all customers to have easy and direct access to meter assets.
“This MoU signing between Mojec and the banks as well as the announcement of the company’s readiness to implement the MAP Scheme is very commendable,” Momoh said. “It shows that Mojec is a real leader in this business and its commitment to the industry’s mission of ensuring every household in Nigeria is metered.”
Speaking at the MoU signing ceremony, Divisional Head, Retail and Consumer Banking at Sterling Bank, Shina Atilola, said the bank was excited to be a key driver of the prepaid meter acquisition programme, which will eliminate the inefficiencies associated with estimated billing and inaccurate post-paid meter readings.
"Leveraging technology, Sterling Bank is reputed for providing Nigerians with a convenient way to access loans ranging from N10,000 to N5,000,000.00 in five minutes through the Specta online lending platform," Atilola said. "Electricity consumers will benefit from the speed of this solution under this partnership without the attendant delays of traditional lending.”
In his own remarks, the Managing Director, Wema Bank, Ademola Adebise, said the partnership with Mojec showed the bank’s commitment to provide simple and easy retail financing for Nigerians.
"As a bank that takes pride in applying innovative solutions to societal challenges, we are proud and excited to work with MOJEC in meeting the demands of equitable electricity metering in the country," Adebise noted. "This is a reflection of our cant’s stop, won’t stop drive to create avenues that will support Nigerians to achieve their future dreams today”
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