Sterling Bank transforms Nigeria's energy, transportation industries with Qore

Sterling Bank transforms Nigeria’s energy, transportation industries with Qore

Sterling Bank, Nigeria’s leading commercial bank and one of Africa’s fastest-growing companies, has changed the course of nation’s energy and transportation sectors with the launch of Qore; its suite of renewable energy-powered transportation solutions. 

Speaking at the launch of Nigeria’s first publicly available EV charging station in Lagos, CEO of Sterling Bank, Abubakar Suleiman described the launch as significant milestone in the bank’s journey towards powering Nigeria’s transportation sector with renewable energy.  

He said Qore would offer 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. 

“Qore will revolutionize 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,” he added.

Also speaking, Group Head for Renewable Energy and Transportation at Sterling, Olabanjo Alimi 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. 

He 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.”

According to Alimi, 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. 

“This is a watershed moment for the Nigerian EV market. 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 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,” he stated.

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