Nithio is a unique debt provider, filling a gap in the market by financing not only large, international solar companies, but also smaller, local solar distributors. Nithio highly values the relationships it has built with local leaders in the space who are often-times the first-movers in new markets, providing immediate impact to their communities.

Below, we speak with one of our repeat borrowers, Winock, which is a Nigerian solar productive use appliance company that offers home and productive use appliances in order to help scale energy access and improve livelihoods across the country. They offer Pay-as-you-Go (PAYGo) services and high-capacity systems that provide up to 15 hours of energy a day. Their products include solar rooftop systems, energy efficient sewing machines, weaving machines, and freezers, multi phone chargers, radios, torches, shavers, fans, laptop chargers, fridges, and water pumps.

Nithio first provided a pilot loan to Winock in 2020 to help Winock scale. This helped Winock to attract initial equity from investors such as Acumen and Charm Impact, enabling the company to grow its operations, footprint, and product offering.

Nithio has since provided a second, more substantial loan to Winock to support Winock with selling their products, such as rooftop solar systems, solar efficient equipment, and appliances, to micro-businesses in Nigeria. The impact of Nithio’s investment in Winock builds entrepreneurial resilience for small businesses and provides consumers with new livelihood opportunities, the ability to work longer hours more productively, and greater household income stability.

How is Winock different from other companies in the market?

Sanmi: Winock is different because instead of importing solar products, we partner with local distributors to provide solar financing (lease to own) service to microbusiness customers that cannot afford it upfront, and as a result, we create value for both distributors and customers.

What has been Winock’s impact to date?

Sanmi: Winock has enabled the following impact to date:

  • 1,500 direct connections and 30,000 indirect beneficiaries 
  • 1,500 gensets replaced
  • 1.8MW of installed solar capacity 
  • 29,937 US tons of CO2 eliminated annually
  • $1.05m saved on electricity cost for microbusinesses
  • 800 energy efficient sewing machines provided

What is one thing Winock is excited about in 2023?

Sanmi: Winock is excited that the Nigerian government is proposing to remove fuel subsidy, which will significantly increase the demand for solar!

Describe Winock in 3 words

Sanmi: Purposeful, Accountable, Innovative