In a bid to alleviate rising energy and transportation costs, the Ministry of Finance Incorporated (MOFI), CREDICORP (Nigerian Consumer Credit Corporation), and the Presidential Initiative on Compressed Natural Gas (PI-CNG) have launched the Credit Access for Light and Mobility (CALM) Fund. The fund aims to provide affordable loans for vehicle conversions to Compressed Natural Gas (CNG) and for solar energy adoption, offering Nigerians sustainable solutions for reducing fuel and electricity costs.

The CALM Fund focuses on two key areas: providing loans for CNG vehicle conversions, an eco-friendly fuel alternative, and financing for households and businesses to adopt solar energy solutions to lower electricity expenses.

The partnership highlights include MOFI aggregating and expanding the N10 billion fund in collaboration with investors, CREDICORP managing N2.5 billion in loan disbursements through Participating Financial Institutions (PFIs), and PI-CNG facilitating CNG conversions through authorized centres, offering discounted services to CALM loan beneficiaries.

Nigerians can apply for loans through PFIs via CREDICORP’s application platform, with accredited conversion centres promoting this initiative.