Business

Polaris Bank, Mojec sign pact on pre-paid meter

Published

6 years ago

May 1, 2019

Polaris Bank has reiterated its commitment to the success of the Meter Acquisition Partners (MAP) Project, which ensures that the acquisition of pre-paid meters is seamless.

The bank’s Managing Director/Chief Executive Officer (CEO), Tokunbo Abiru, gave the indication at the signing ceremony of a Memorandum of Understanding (MoU) between the bank and Mojec, a leading Meter Manufacturing Company at the bank’s headquarters in Lagos.

Abiru, 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.

He explained: “Some of the advantages of using prepaid electricity meter is that it enables consumers to determine their level of consumption, manage their cash flow and allocate costs appropriately.”

Polaris Bank CEO noted that the initiative, particularly, affords the bank the opportunity to facilitate easy, convenient and 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, the bank’s Executive Director, Abuja and Northern Region, Abdullahi Mohammed assured of the readiness of Polaris Bank to “leverage our wide branch network in Abuja and the whole of the Northern region to enable the rollout of the pre-paid meters”

Earlier, the Mojec Chairperson and Managing Director, Mrs. Mojisola Abdul and Chantelle Abdul noted the bank’s support to Mojec in over a decade.

Mrs. Abdul said with the MoU, both institutions were confident that the bank would support Mojec to meet the expectations of Nigerians under its bank’s Consumer & 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, 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,” Mrs. Abdul said.

Following the failure of the Advance Payment for Metering Implementation (CAPMI) project, executed by the DisCos, to bridge the metering gap in the country, the Federal Ministry for Power through Nigerian Electricity Regulatory Commission (NERC) unveiled MAP to enable consumers to buy from accredited accredited agents.

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