Nigeria's Sterling Bank launches platform to facilitate solar power access

Nigeria’s Sterling Bank Plc has launched a new digital service that aims to link solar power producers and electricity consumers.

The so-called Imperium platform will offer various purchasing models and financing options for homeowners, the bank said on Monday.

The available options will include an outright purchase of solar equipment directly from vendors listed on the e-commerce platform, while another opportunity will be lease-to-own, in which the bank will offer financing at preferential rates to customers willing to lease a solar system and later become its owner.

Another product that will be offered through the platform is buying solar power at a fixed monthly tariff. In this case, the photovoltaic (PV) installation is owned by Imperium and customers are only charged for the electricity.

The new service was launched as a solution to address the electricity crisis in the African country. Sterling Bank cited a survey conducted in partnership with Stears Data that shows around 43% of Nigeria’s population has no access to grid electricity

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