Nigeria Launches Finance Scheme for Prepaid Meters

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Nigeria launches finance scheme for prepaid meters

The Enugu Electricity Distribution Company (EEDC) and Ecobank Nigeria Limited have partnered to deploy prepaid meters to electricity consumers in Nigeria. The meter rollout is being facilitated by the Credited Advance Payment for Metering Implementation (CAPMI) scheme.

Financial schemes for prepaid meters

The CAPMI scheme, which was designed by the Nigerian Electricity Regulatory Commission (NERC), enables customers to finance their meters through either a bank draft or cash deposit into designated Ecobank branches, The Nation reported.

When unpacking the scheme, EEDC said in a statement that it provides customers the option of advancing funds to EEDC to accelerate the purchase and installation of their meters within 45 days.

Choice of two meters on offer

According to EEDC, they are offering two types of meters including: a single phase smart meter with a split unit, which goes for N39,375 ($198) and a 3-phase smart meter with a split unit, which goes for N68,901 ($346). These costs are inclusive of installation cost.

“The cost of acquiring the meter and meter box (N30,100 for single phase and N55,720 ($280) for 3-Phase) will be paid back to the customers in the form of energy recharge, over a period of 36 months, at 12% interest rate.

“However, customers are expected to vend at least once a month, while energy (pay back) will be credited monthly,” the distribution company concluded.

After adequate assessment of the customer’s premises, the engineers will determine the appropriate meter that will be installed for the customers, the company added.

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