Fenix International’s pay-to-own ReadyPay Power solar energy system has reached 100,000 customers in Uganda, doubling its customer base in 12 months.
California-based Fenix International is a venture-backed technology company whose “mission is to empower our customers with life-changing energy technology and inclusive financial services.” Specifically, “Fenix International has used one of the most common tools in Africa today — the mobile phone — to overcome one of the biggest constraints to renewable energy — up-front cost,” explained K.Y. Amoaka, President, African Center for Economic Transformation. “With its simple and easy payment system, it has made electricity accessible to everyone. ReadyPay Solar is ready-made for Africa.”
Specifically, Fenix’s ReadyPay Power allows customers to pay-to-own their solar energy systems over time, with customers making payments from a mobile phone which provides a secure code to unlock access to solar power until the next payment is due. Currently in use in Uganda, in partnership with Africa’s largest telecom, MTN, ReadyPay Solar provides customers with solar for as little as $0.15 per day.
And, given the company’s announcement this week, the system is hugely popular.
Fenix International reported this week that it has reached 100,000 customers — doubling its customers base in 12 months, and skyrocketing from the 10,000 customers it had back in 2014.
Additionally, Fenix International claims that its solar products have displaced more than 200,000 dangerous and polluting kerosene lamps.
“Since we started selling ReadyPay on the pay-to-own model in 2014, we’ve seen exceptional demand,” explained Lyndsay Handler, CEO of Fenix International. “I’m incredibly proud of our team, who’ve worked hard to reach last mile customers in this underserved market and relentlessly provide an exceptional customer experience.”
“Arriving at 100,000 customers showcases our fantastic growth record, but more importantly it represents more than 600,000 Ugandans who now have power and bright, safe light in their homes for the very first time. In addition, all of our off-grid customers build up a credit score, opening up new access to financial services and additional product upgrades.”
Fenix International was also the beneficiary of new funding from USAID, announced back in November, for expansion into Zambia.
“The Grand Challenge for Development is designed to support innovators like these eight companies who are scaling up their inventions,” said Power Africa Coordinator Andrew M. Herscowitz. “The options for powering your home and business are changing, and these types of innovations will create opportunities to transform the power sector in homes across the planet.”
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