Sterling Bank Launches Qore to Accelerate Electric Vehicle Purchase, Financing in Nigeria
Nigeria’s commercial bank and one of Africa’s fastest-growing companies, Sterling Bank, has announced the launch of Qore; its suite of renewable energy-powered transportation solutions which aim to change the course of Nigeria’s energy and transportation sectors.
According to the financial institution, Qore will offer the purchase and financing of electric vehicles (EVs), EV charging stations, conversion of fossil-fuel-powered engines to EV engines, battery swapping services for modular EVs, and more.
Speaking at the launch of Nigeria’s first publicly available EV charging station in Lagos, CEO of Sterling Bank, Abubakar Suleiman, said that the launch of Qore is a significant milestone in the bank’s journey towards powering Nigeria’s transportation sector with renewable energy.
According to Suleiman, “Qore will revolutionise the very idea of how we power movement by providing clean, sustainable and cost-effective options for individuals and businesses, while impacting positively on the sector’s environmental footprint.“
Also speaking at the launch, Group Head for Renewable Energy and Transportation at Sterling, Olabanjo Alimi, further explained that Qore focuses on improving mobility services in Nigeria by providing affordable and cleaner transportation alternatives to petrol and diesel powered vehicles. He described Qore as a “mobility project” that will offer a range of products, including the manufacture and sale of EVs, financing for the purchase and distribution of EVs, and mobility-as-a-service options to cater to first- and last-mile transportation.
Alimi said, “Qore will deliver innovative solutions through partnerships that provide sustainable energy options for vehicles through stations such as this. This will accelerate the adoption of clean mobility solutions that allow interested customers to buy EVs directly, or even convert their existing petrol- or diesel-powered vehicles to run on electricity.”
“Along with the readily available technology to convert petrol or diesel powered vehicles, Qore will drive EV adoption in the Nigerian market by providing charging infrastructure and battery swapping services to quicken the turnaround time of restoring power to EVs.”
He continued by saying that Qore had pioneered, along with the first publicly available charging station in the country, a proprietary payment solution that will allow for direct interaction with the battery management system of vehicles that charge up at the station.
The Group Head concluded by highlighting that this is a watershed moment for the Nigerian EV market, emphasizing Qore’s openness to partnerships and collaborations to increase the creation of EV infrastructure and adoption in the country.
The adoption of Qore’s suite of solutions is already increasing with the acquisition of 100 electric tricycles to power transportation in the Kano metropolis, as well as the conversion of diesel-engine ferries to electric power to improve the commute of individuals and businesses on Lagos’ waterways. The newly launched charging station adds another layer to the robust offerings.
Sterling has set itself apart as the first corporate organisation on the African continent to fully power up its offices with a renewable energy source by installing over 3000 Building Integrated Photovoltaic (BIPV) panels, generating 1 megawatt (1 MW) of electricity. This move will make the structure one of the largest on the continent, primarily powered by renewable energy, demonstrating the bank’s commitment to the growth and development of renewable energy in Nigeria.
Furthermore, the bank recently launched Imperium; an alternative energy solution, to power Nigerian homes and businesses through solar and renewable energy services tailored specifically for Nigeria’s peculiar energy needs.
Renowned for its now famous HEART of Sterling strategy; which focuses major investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the Nigerian economy, its irreverent brand voice and enviable talent management practices, the bank recently completed a major milestone towards the completion of its transformation into a financial holdings company with the relisting of its shares on the floor of the Nigerian Exchange (NGX).
The bank has maintained and increased momentum in 2023 with her citation as Africa’s Most Valuable Commercial Bank Brand for 2023 by the African Brand Magazine , in a poll conducted by GeoPoll and Kantar; two of the world’s leading brand research firms, a top three employer in Nigeria by LinkedIn in the social network’s annual Top 25 List, and most recently, one of the top 100 fastest growing companies in Africa by the prestigious Financial Times.