Polaris Bank and MOJEC Partners on Pre-Paid Meter Roll Out

Polaris Bank has iterated its commitment to the success of the Meter Acquisition Partners (MAP) Project by ensuring that the acquisition of pre-paid meters by Nigerians is seamless.

The Managing director/CEO of the bank, Mr. Tokunbo Abiru, gave this indication at the signing ceremony of a Memorandum of Understanding (MOU) between the bank and Mojec, a leading meter manufacturing company which took place at the bank’s headquarters in Lagos recently. Abiru, who was represented by the executive director, Technology and Services, Mr. 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 were 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.”

He further explained 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 were 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 comments, the Mojec chairperson and managing director, Mrs. Mojisola Abdul and Ms. 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 were confident that Polaris Bank would support Mojec to meet the expectations of Nigerians under its Bank Consumer & Retail Financing Scheme for MAP meter acquisition.