Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, has announced a partnership with some banks to provide retail financing for the rollout of prepaid meters to its customers within the coverage area of its partner distribution companies (DISCOs) across the country.
The banks included Keystone Bank, Wema Bank, Unity Bank, Zenith Bank, Polaris Bank, First Bank, Sterling Bank and First Option Microfinance Bank.
A statement explained that the partnership was a major step ahead of the commencement of the much-anticipated Meter Asset Providers (MAP) scheme. It also revealed that the partnership and Memorandum of Understanding signing ceremony took place in Lagos.
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-tracking a closure of the metering gap and end estimated billing in Nigeria.
Speaking at the event, the Managing Director/Chief Executive Officer, Mojec International Limited, Ms. Chantelle Abdul, was quoted to have disclosed that the company was determined to bridge the metering gap in the power sector by ensuring provision of top-quality electricity meters to consumers 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 consumers, 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 consumers within the coverage of its partner DISCOs.
She further explained that Mojec would be partnering with eight 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.
In his remarks after the MoU signing, the Acting Managing Director/CEO, Keystone Bank Limited, Mr. Abubakar Danlami Sule, represented by Mr. Yemi Odusanya, Executive Director, Corporate Bank & South Directorate shared the bank’s driving motivation for the partnership.
“The importance of energy in the growth of businesses and for the livelihood of homes in Nigeria cannot be overemphasised.
“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.”
On its part, Wema Bank Plc in a statement noted that the partnership was a step towards the commencement of the MAP scheme approved by the Nigerian Electricity Regulatory Commission (NERC).
“Working with Mojec, the bank will help speed up the full-scale implementation of the MAP Scheme which allows all consumers easy and direct access to meter assets. The end goal of the scheme is to ensure the provision of top quality electricity meters to consumers in Nigeria.
“The MAP project will focus on both individual and corporate customers with the first phase targeted at salaried and self-employed individuals as well as corporate customers. For individual accounts, metering finance charges will run for a maximum tenor of six months, and a maximum period of 12 months for corporate customers.
“The MoU signing between Wema Bank and Mojec is proof of the bank’s commitment to continually provide simple and easy retail financing for Nigerians. Through the partnership, the bank hopes to help meet the demands of equitable electricity metering in the country while fulfilling its goal of applying innovative solutions to societal challenges.
“Along with Mojec, the bank will also work with eight electric Distribution Companies (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.
“The MoU with Mojec reinforces Wema Bank’s can’t stop, won’t stop drive to provide efficient banking solutions for its customers. It is a testimony of the bank’s investment in creating avenues that will support Nigerians to achieve their future goals today,” it added.