Nomba Partners with Synafare to Solarise 300 Nigerian SMEs
Quick Reads
- Nomba and Synafare are committing ₦2 billion ($1.4 million) to help 300 Nigerian SMEs switch to solar power.
- The financing will be rolled out over 24 months, targeting businesses affected by unreliable electricity and limited access to credit.
- Synafare will vet businesses, while Nomba will assess and finance approved merchants directly.
- Each business is expected to receive about ₦50 million on average, with some loans reaching ₦100 million.
- The programme builds on more than ₦500 million already disbursed since 2025, with both companies reporting zero defaults so far.
Nomba and Synafare have launched a fresh Nomba Synafare solar financing programme worth ₦2 billion ($1.4 million). The commitment will help 300 Nigerian small and medium businesses switch to solar power. Nomba, a Nigerian fintech, is partnering with Synafare, a renewable energy asset financier, on the initiative. Together, they plan to deploy the funds over the next 24 months.
The programme targets businesses struggling with unreliable electricity and limited credit access. According to Nigeria has nearly 40 million micro, small, and medium enterprises that contribute close to half the country’s GDP. However, most of these businesses cannot easily access formal loans, as detailed in Nairametrics’ analysis of MSME credit access. Meanwhile, unstable power remains a daily burden for entrepreneurs across the country.
Under the Nomba Synafare solar financing model, Synafare identifies and vets qualified SMEs first. Afterward, Nomba independently assesses each business before disbursing funds directly to the merchant. This structure keeps the process transparent, and it reduces friction for business owners seeking solar equipment. Loans under the scheme average around ₦50 million, though some reach up to ₦100 million per merchant.
Nomba’s chief executive, Yinka Adewale, said the partnership reflects confidence in Nigerian SMEs. Synafare’s CEO, Tobi Esho, added that the upfront cost of going solar often keeps businesses locked out. Consequently, this financing aims to close that affordability gap for good. Since 2025, the two companies have disbursed over ₦500 million without recording a single default.
Beyond individual businesses, the deal signals growing investor interest in Nigeria’s solar economy. Solar currently makes up only a small share of Nigeria’s energy mix, leaving room for expansion. As grid power remains unreliable, more fintechs may follow Nomba’s lead into renewable energy lending. You can read the original announcement on TechCabal for further detail.
