LOTUS Bank has signed a Memorandum of Understanding with the Rural Electrification Agency (REA) to expand renewable energy access in underserved communities across Nigeria.
Under the agreement, the bank will provide up to N100bn in accessible funding to certified Renewable Energy Service Companies (RESCOs) to scale off-grid energy projects.
Speaking at the signing in Abuja, Managing Director/CEO of LOTUS Bank, Dr. Isiaka Ajani-Lawal, said the partnership reflects the bank’s commitment to ethical finance and inclusive, sustainable development. He noted that the collaboration supports national development goals while promoting financial inclusion.
REA Managing Director, Abba Aliyu, highlighted financing as a major barrier for off-grid energy developers, stating that the partnership would unlock private sector investment and accelerate clean energy delivery.
The initiative aligns with Nigeria’s National Electrification Strategy and supports Sustainable Development Goal 7 on affordable and clean energy. Since its launch in 2021, LOTUS Bank has focused on non-interest financial products aimed at individuals, women, youth, and MSMEs.
