Sierra Leone: Ecobank, partners with Multi-tech to Provide Affordable Solar Energy

By Ishmael Sallieu Koroma

Madam Kate Thompson shaking hands with the CEO of Multi-Tech services Hussein Sharaffdeen during the official of their partnership.
Ecobank Sierra Leone and Multi-Tech Services has on last Friday 13th December, 2024 , officially launched a partnership to provide affordable solar energy solutions under the “Buy Now, Pay Later” initiative at the El-Greco, Restaurant , Aberdeen in Freetown.

Giving the key note address at the partnership launch event, Head of Consumer Banking, Madam Kate Thompson, said that, they as a bank have signed a partnership agreement with MultiTech in order to offer solar energy asset financing solutions to Ecobank customers who patronise MultiTech Services across the country.

‘’Under this partnership, Ecobank Customers across all its business segments: Consumer Commercial and Corporate Banking as well as prospects will be able to buy solar solutions from MultiTech now and pay later as part of the Bank’s BUY NOW AND PAY LATER Initiative,’’ she said, adding at Ecobank they are committed to providing their clients and the larger Sierra Leone public with solutions that will impact positively on lives and solve everyday problems.

She said that in Sub-Saharan Africa approximately 600 million people lack access to electricity stressing, energy is a lifeline for people helping drive economic opportunities.

‘’Ecobank desires that all homes have access to alternative source of power, where children will not have a reason not to do their homework because of lack of access to power and businesses will have access to power whenever needed,’’ Madam Kate Thompson added.

Madam Thompson went on to say that Ecobank has adopted the UN Sustainable Development Goals (SDGs) which is linked to its own sustainability activities adding the bank is particularly committed to supporting efforts to counter climate change as they recognize that the lack of action could cause social and economic disruption.

‘’By Partnering with Muti-Tech, Ecobank is supporting: SDG goal 7: access to affordable and clean energy, SDG 9: Industry, Innovation and Infrastructure. SDG 11: Sustainable Cities and Communities, SDG 13 Climate Action,’’ Madam Thompson stressed.

The Head of Consumer Banking further added that at Ecobank, innovation is at the core of their operations and therefore has been consistent in identifying customer needs and ensuring that they tailor their products and solutions to meet these needs.

‘’This partnership makes it possible for customers to have solar products for as low as below 1500 Leones and a complete solution which offers access to a solar panel, a standing fan, 3 lamps and a battery at a cost below Nle 19,000 which can be paid over a maximum tenor of 36 months,’’ the Head of Consumer Banking added, stating that when once a customer meet the qualifying criteria, Ecobank will simply pay for the full cost of the item to Multi Tech to supply, that way client receives instant gratification and then pays later.

The Head of Consumer Banking ended by assuring customers that the bank will continue to explore further avenues to bring great value to them thus encouraging salaried workers, small businesses and large business with accounts at Ecobank to take advantage of the packages on offer.

On his part, the Chief Executive Officer of Multi Tech, Hussein Sharaffdeen celebrated the partnership as a milestone which he said marks the beginning of a new and exciting chapter in sustainable energy communities across the country.

‘’I am thrilled to stand before you as we officially launch a partnership that will empower households to embrace cleaner, more affordable energy through solar power, while also providing them with the financial support they need to make this transition possible. Today, we announce a ground-breaking collaboration between Ecobank and MultiTech — a partnership designed to drive positive change in both our environment and our economy,’’ he said.

He commended Ecobank for their foresight and commitment to making green energy more accessible to all adding that the bank’s belief in sustainable development and innovation is truly commendable.

‘’The idea behind today's partnership is simple yet transformative: solar energy is no longer just an idealistic option; it's an essential solution for a sustainable and cost-effective future,’’ Mr. Hussein Sharaffdeen added.

Mr. Hussein Sharaffdeen added that through this collaboration, Ecobank will provide accessible loans that enable customers to purchase and install solar solutions in their homes and establishments, making it easier than ever to invest in renewable energy.

‘’This partnership brings together two powerful forces: the expertise of MultiTech in providing high-quality, reliable solar solutions, and the financial strength of Ecobank, ensuring that the transition to solar energy is within reach for everyone,’’ Sharaffdeen stressed.
The CEO of multi Tech went on to say that they’re just launching a new business initiative; they are launching a movement toward a brighter, cleaner, and more affordable energy future.

‘’To our valued customers, I encourage you to take the first step today. Take advantage of the special financing options available and see how solar power can transform your home, establishments and your life. Let's make a difference together, one solar panel at a time,’’
The event attracted government ministers, stakeholders in the energy sectors among other top officials.