The leading off-grid home solar energy system provider in Uganda, Fenix International, has now signed 60,000 leases for its ReadyPay Power offering (since January 2014), according to a new press release.
Altogether, the leases relate to $11 million in business — and there’s now been an estimated 300,000 Ugandans that have been provided reliable electricity for the first time through these.
“Our success to date demonstrates the incredible demand for ReadyPay and the robustness of our financing platform,” stated Lyndsay Handler, CEO of Fenix International. “First, we are bringing clean, affordable power to replace expensive and dangerous kerosene lanterns. Second, customers build a credit history that allows us to provide additional financing for solar system upgrades and other life-changing products and services.”
The press release provides seem background on the company: “Ugandans, living on an average of less than $2/day, make only a small deposit to take home their approximately $200 solar system. Customers then pay off the remaining cost in affordable installments via Mobile Money over 18-24 months until they own the system outright. Fenix’s innovative hardware and software enable the company to lock the solar system if customers fail to make payments. The company receives and processes over 120,000 payments per month, and a total of $5 .7 million has been paid back through 1.4 million payments.”
The company is in a partnership with the leading African telecom company, MTN, that sees MTN provide aid in the distribution and sales of the company’s ReadyPay Power systems. Foreign investors also assist the company in the financing of its lease products.
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