PROMOTED: Mojec partner banks on retail financing for mass meter acquisition

In what could best be described as a major step ahead of the commencement of the much anticipated Meter Asset Providers (MAP) scheme approved by the Nigerian Electricity Regulatory Commission (NERC), Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, has announced partnership with some leading Banks in Nigeria to provide Retail Financing for electricity customers as the company is set to roll out prepaid meters within the coverage area of its partner Distribution Companies (DISCOs) across the country.

MAP is a scheme approved by the Nigerian Electricity Regulatory Commission (NERC) through a regulation meant for the provision, supply, installation and maintenance of end-user meters by Meter Asset Providers with a view to fast track a closure of the metering gap and end estimated billing in Nigeria.

The announcement was made at a Stakeholders Forum and Memorandum of Understanding signing ceremony held in Lagos on Monday, April 15, 2019 between Mojec and the partner banks which include Polaris Bank, First Bank, Wema Bank, Unity Bank, Keystone Bank, Zenith Bank, Sterling Bank and First Option Micro Finance Bank.

Speaking at the event, the Managing Director/ Chief Executive Officer, Mojec International Limited, Ms. Chantelle Abdul disclosed that the company is determined to bridge the metering gap in the power sector by ensuring provision of top quality electricity meters to customers in Nigeria.

‘’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,” Abdul said noting that Mojec as a company has invested a lot of resources positioning it as best suited to meet the metering needs of all customers within the coverage of its partner DISCOs.

She further explained that Mojec would be partnering with 8 Discos including, Ikeja Electric, Eko DISCO, Abuja DISCO, Kano DISCO, Enugu DISCO, Jos DISCO, Ibadan DISCO and Kaduna DISCO covering about 20 states of the federation.

Also speaking at the press conference, the Chairman/CEO of Nigerian Electricity Regulatory Commission, NERC, Professor James Momoh, commended Mojec for its leadership in the metering sector in Nigeria demonstrated by its efforts towards the full scale implementation of the MAP Scheme which allows all customers easy and direct access to meter assets.

‘’This MoU signing between Mojec and these banks today as well as the announcement of the company’s readiness to implement the MAP Scheme is very commendable. It goes to show that Mojec is a real leader in this business and its commitment to industry’s mission of ensuring every household in this country is metered,’’ Momoh said.

In his remarks after the MoU signing, the Chief Executive Office, Polaris Bank, Tokunbo Abiruexplained that Polaris Bank is very pleased to partner with Mojec by providing financing support to customers on the meter acquisition scheme. “Our Bank is glad to be facilitating the acquisition of these meters by granting loans to eligiblecustomers under the Program,” he said.

While explaining the importance of energy to the growth of businesses and for the livelihood of homes in Nigeria, Acting Chief Executive Officer, Keystone Bank, Abubakar Sule, explained that “Energy cost is by all standards the major cost line in most homes and businesses. The scheme is set to eradicate the unnecessary prevalence of estimated billing which deprived the national economy of funds which otherwise could be deployed into other productive use. We are therefore excited to be part of this initiative to bring electricity to homes and businesses at the most prudent cost, putting households and business in control of their expenditure pattern.”

Similarly, the Managing Director of Unity Bank Plc, Tomi Somefun explained that this new development reinforces the long standing mutually beneficial relationship and business commitment it had maintained with Mojec International Limited for well over two decades, adding that “the partnership will create beneficial impact on electricity customers, further drive financial inclusion through consumer banking, restore customer’s confidence, increase transparency and thereby replacing the opaque estimated billing system that had prevailed.”

The Divisional Head, Retail and Consumer Banking, Sterling Bank, Shina Atilola represented by Ayodele Odulaja, Head of Power and Telecoms Team also stated, “We are excited to be a key driver of the pre-paid 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. 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 noted the partnership with MOJEC isproof of 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. 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”

Also speaking, the Managing Director, First Option Micro Finance Bank, Godfrey Ogbuehi stated that “the MAP project resonates so much with the company’s goal of enhancing lives andin response, a new product  Light-Up Loan  (Prepaid Meter Acquisition Loan) hasbeen   strategically   created   to   provide   funding   to   help   energy   consumers   (both individual  and businesses) especially  the  low  income  earners and  rural  dwellers;acquire prepaid meters with ease under the Meter Asset Provider Regulations.”