Polaris Bank has reiterated her commitment to the success of the Meter Acquisition Partners Project by ensuring that the acquisition of pre-paid meters by Nigerians is seamless.
The Managing Director/CEO of the Bank, Tokunbo Abiru, gave this indication at the signing ceremony of a Memorandum of Understanding between the Bank and Mojec, a leading Meter Manufacturing Company, which took place at the Bank’s headquarters in Lagos on Tuesday.
Abiru, who was represented by the Executive Director, Technology and Services, Innocent Ike, said: “Polaris Bank is pleased to be partnering with Mojec International to support consumers on the meter acquisition scheme; our Bank will be facilitating the acquisition of these meters by granting loans to eligible customers under the Programme.”
Abiru applauded the commitment of the regulators and partners in the public electricity value chain towards ensuring that the pre-paid meters are made available and affordable.
Giving further insight into the bank’s involvement in the MAP project, the banker said: “Some of the advantages of using prepaid electricity meter is that it enables consumers determine their level of consumption, manage their cash flow and allocate costs appropriately.”
The Polaris CEO also noted that the initiative particularly affords the bank the opportunity to facilitate easy, convenient and seamless acquisition of pre-paid meters for consumers who before now are used to the highly discredited and estimated electricity billing system with its attendant social and economic burden.
Also speaking at the MOU signing ceremony, the Bank’s Executive Director, Abuja and Northern Region, Abdullahi Mohammed, assured Nigerians of the readiness of Polaris Bank to “leverage our wide branch network in Abuja and the whole of the Northern region to enable the roll out of the pre-paid meters”.
Earlier in their remarks, the Mojec Chairperson and Managing Director, Mojisola Abdul and Chantelle Abdul, spoke of how supportive Polaris Bank has been to the growth and success of Mojec in over a decade.
They noted that with the signing of the MOU, they are confident that Polaris Bank would support Mojec to meet the expectations of Nigerians under its Bank Consumer and Retail Financing Scheme for MAP meter acquisition.
“We value our years of business relationship with Polaris and believe with the signing of the MAP MOU today we would be able to meet the expectations of Nigerians by making available pre-paid meters which they would acquire and subsequently pay for the actual energy consumption cost in a stress-free manner,” Abdul remarked.
Following the failure of the Advance Payment for Metering Implementation (CAPMI) project, directly executed by the Distribution Companies, to bridge the metering gap in Nigeria, the supervisory Ministry for Power through Nigerian Electricity Regulatory Commission evolved MAP, wherein consumers can make direct purchase from accredited Meter Assets Providers.
The Mojec meter acquisition programme enables customers to apply online via a dedicated portal or walk into any of Polaris Bank branch across the country for same service.