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Estimated Billing: Mojec partners 8 banks on meter acquisition financing

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By Prince Okafor

Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited has partnered with eight banks to provide retail financing for electricity customers.

Meter Asset Providers (MAP) scheme is approved by the Nigerian Electricity Regulatory Commission (NERC) through a regulation meant for the provision, supply, installation and maintenance of meters with a view to fast tracking the closure of metering gap in the nation.

The banks include Polaris Bank, First Bank, Wema Bank, Unity Bank, Keystone Bank, Zenith Bank, Sterling Bank and First Option Micro Finance Bank.

Electricity generation Stations

Speaking at a Stakeholders Forum and Memorandum of Understanding signing ceremony, the Managing Director/ Chief Executive Officer, Mojec International Limited, Ms. Chantelle Abdul stated that the company is determined to bridge the metering gap in the power sector.

She said:   “Now that MAP is here, Mojec will be providing provision of high-end quality pre-paid meters to customers, helping to reduce the financial burden estimated electricity billing is putting on electricity consumers,”

“Mojec as a company has invested a lot of resources positioning it as best suited to meet the metering needs of all customers within the coverage of its partner DISCOs.

DISCOs are frustrating FG’s effort on metering – NERC

“We will be partnering with Ikeja Electric, Eko DISCO, Abuja DISCO, Kano DISCO, Enugu DISCO, Jos DISCO, Ibadan DISCO and Kaduna DISCO covering about 20 states of the federation.”

Chairman/CEO, NERC, Mr. James Momoh, said: “The MoU signing between Mojec and these banks as well as the announcement of the company’s readiness to implement the MAP Scheme is very commendable.’’

Also, the Acting Chief Executive Officer, Keystone Bank, Abubakar Sule, said: “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.”

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