By Boris Esono Nwenfor
BUEA, PAV – The management of SIMO Group Ltd has launched CreditSolaire, a national program designed to help financial institutions offer solar loans to households and businesses struggling with persistent power outages.
The initiative aims to bridge the gap between renewable energy solutions and access to affordable financing, enabling families and enterprises to install solar power systems through bank loans and flexible payment plans. CreditSolaire is intended to address the growing challenges caused by unreliable electricity supply in Cameroon, where frequent power disruptions continue to affect daily life and business productivity.
The program allows customers to access loans from banks and microfinance institutions specifically tailored for solar installations. These loans can be used to finance solar systems that power homes, offices, and commercial establishments.
Tackling Power Outages
Erratic electricity supply has long been a major concern for households and businesses across Cameroon, often leading to lifestyle disruptions, operational losses, and damage to electrical appliances.
For many families, sudden power cuts can spoil food stored in refrigerators or interrupt household activities, while businesses, especially small enterprises, face financial losses when operations are halted. Through CreditSolaire, SIMO Group hopes to provide a practical alternative that reduces dependence on the national grid.
Speaking to Pan African Visions, SIMO Group’s Chief Executive Officer, Moformi Svelte, said the initiative was born out of the growing need for reliable backup energy solutions.
“Today’s daily lifestyle has been a very difficult one, he said. “We know we trust our system with the consistent development in the aspect of electricity, which is advancing. Again, there’s always a need for backup power. And this need, this gap is what we are trying to solve today.”
Solar Loans Through Banks and Microfinance Institutions
Unlike traditional solar programs that require customers to pay the full cost of installation upfront, CreditSolaire focuses on financing solutions. Under the initiative, individuals can approach participating banks or microfinance institutions and request loans specifically designed for solar installations.
These loans allow customers to install solar systems in their homes or businesses while repaying the cost gradually through manageable instalments based on their income. Svelte explained that the company deliberately chose to work with financial institutions to make the program sustainable.
“For us to do proper solar financing, we could not do it alone as an enterprise,” he said. “We have to work with financial institutions like banks and microfinance institutions, who are key players in making green energy financing a reality in Cameroon.”
He noted that in many countries, renewable energy financing has already become an integral part of economic development policies supported by financial institutions.
“At SIMO Group, we created CreditSolaire to enable clients to have access to solar loans through their banks. Today, customers can go to their banks and microfinance institutions and ask for loans which are directed to solar financing. These loans enable their homes to run on solar, and also their enterprises to run on solar,” he said.
Supporting Businesses and Households
The initiative is particularly aimed at businesses whose operations are regularly disrupted by electricity outages. Many enterprises rely heavily on stable electricity for production, refrigeration, communications, and digital services.
“When businesses experience power outages, their day-to-day activities are affected,” Svelte explained. “For households, it is the same. You keep food in the fridge, and it gets bad because there is no power supply. That is the problem we are solving.”
By facilitating access to solar energy, the program hopes to help businesses maintain productivity while reducing the financial risks associated with unreliable electricity.
Several banks and microfinance institutions have already signed memoranda of understanding with SIMO Group to deploy the CreditSolaire program across their networks. These institutions will be responsible for marketing the solar loan products and communicating with customers about how to access the financing.
Svelte said the rollout of the program is expected to intensify in the coming weeks. “A lot of major banks and microfinance institutions have signed our MOUs to launch CreditSolaire,” he said. “By mid-March, these financial institutions will begin communication and advertising campaigns explaining how customers can access these solar loans.”
Addressing Technical Challenges
One of the major obstacles that has slowed solar financing in Cameroon is the lack of reliable technical support for installations and maintenance. Financial institutions have often been reluctant to provide loans for solar projects due to concerns about the quality of equipment and the technical supervision required.
SIMO Group says CreditSolaire addresses this issue by providing technical expertise and oversight. The company will serve as the technical partner for participating financial institutions, ensuring that solar systems installed through the loan program meet quality standards.
“We are bridging the technical gap,” Svelte explained. “Financial institutions focus on providing loans using their existing policies, while we focus on the technical implementation.”
The SIMO Group will provide supervision of installations, maintenance services, and customer support throughout the repayment period. The company also plans to ensure that solar products installed under the program meet durability standards and come with performance guarantees.
“Many solar products and companies are operating in Cameroon,” Svelte said. “But quality and guarantee are important. If we say a product will last for five years, we must be sure and give that assurance to the customer.”
Beyond solving immediate energy challenges, CreditSolaire is also positioned as a tool for promoting Cameroon’s transition to cleaner energy sources. Solar energy is increasingly being promoted across Africa as a sustainable alternative that reduces reliance on fossil fuels while improving energy access.
By linking renewable energy to financial services, the program aims to encourage broader adoption of solar technology in both urban and rural areas. SIMO Group believes the initiative could play a major role in addressing Cameroon’s long-standing electricity challenges.
Svelte said the company developed CreditSolaire after hearing repeated complaints from citizens affected by power outages. “We have heard the cries of people who face electrical problems and power outages that keep families in the dark and slow down businesses,” he said.
He urged households and enterprises to consider solar energy as a viable solution. “This is an ideal solution for us to begin solar financing as a service,” he said. “It allows us to stay connected to the broader agenda of lighting up and powering Cameroon.”
