The First National Bank – FNB Zambia has announced a strategic partnership with two other entities aimed at reducing the use of charcoal in urban areas and promoting Low Carbon Emissions Alternative Technologies and Fuels (ATFs).
The initiative which looks to curb deforestation caused by charcoal production is aligned to the multispectral commitment to drive sustainable green energy solutions and the Bank’s vision of creating a better world.
Speaking on the partnership, FNB Zambia Head- Retail Banking Mwamba Musambo said, the FNB Clean Cooking Solution Loan Product will enable public and private sector employees to access affordable loans for the acquisition of clean cooking technologies and fuels from Radian Stores.
“We are excited to partner with like-minded organizations that share our vision driving climate-smart solutions which in turn benefits the environment,” she said.
Musambo said despite the many benefits of clean cooking solutions, there are still significant barriers to their adoption and use, such as high upfront costs, lack of awareness, limited availability, and low consumer trust.
She added that “Customers will enjoy interest rates as low as 15% for purchases of green products from Radian Stores. To us, this is reimagining help for the customers we serve”.
USAID Alternatives to Charcoal A2C Project, Technical Director, Lloyd Archer said, “It is gratifying that the engagements with the Zambian Government to deliver on its energy, environment, and climate priorities have yielded positive and tangible results demonstrated by the tripartite partnership we are witnessing today with USAID, FNB Zambia, and Radian Stores.
Archer said the Alternatives to the Charcoal program was designed to respond to energy and environmental challenges by reducing household charcoal consumption by 25% and increasing the use of alternative technologies and fuels by 38%, with the overall aim of reducing deforestation and Green House Green emissions in Zambia”.
Meanwhile, Radian Stores Director and Chief Operations Officer, Abhilash Bajpai said, “We are very confident that the initiative by FNB to offer affordable financing to the customers for purchase of clean cooking products will encourage many households to make a shift to cleaner cooking.
“We have agreed with FNB Zambia and USAID Alternatives to Charcoal Product to offer a 5% discount to all their customers who will be accessing loans to buy such clean cooking products, so that these products become even more affordable and accessible”.
Customers applying for FNB Zambia’s Green Loan Product will be required to make applications with the Bank who will facilitate purchase from Radian Stores.
FNB Zambia, USAID alternatives to charcoal project and Radian Stores are committed to helping customers and communities make a positive impact on the planet while saving money and energy
