Nithio’s Investment and Impact
Nithio, the AI-enabled energy financing platform, and Bboxx, a super platform providing access to essential products and services across Africa, are proud to be working together to increase household electricity access across Nigeria. As part of the partnership, Nithio is disbursing a loan to finance Bboxx’s operations in Nigeria, enabling the purchase of tens of thousands of Solar Home Systems (SHS).
Nithio is excited to support Bboxx, a market leader in off-grid energy financing, as it expands its product offerings and continues to scale in its newest market, Nigeria, with huge potential for impact.
-Kate Steel, Nithio CEO
Bboxx designs, manufactures, distributes, and finances Solar Home Systems (SHS) targeted at end consumers on a Pay-as-you-Go (PAYG) basis. To date, Bboxx has positively impacted the lives of more than 3.5 million people across Africa.
This partnership will assist Bboxx’s working capital needs in Nigeria, including financing inventory. Financing will also extend to related components such as panels, batteries, and productive use appliances including radios, fridges, and water pumps.
Nithio’s investment will support Bboxx’s continued growth in Nigeria, where the company is providing a much-needed solution to the country’s electrification challenges by expanding access to clean, affordable and reliable Solar Home Systems. Following the launch in Nigeria, the business aims to provide clean energy to 20 million people over 10 years, avoiding more than four million CO2 emissions as a result. In addition, ten thousand jobs are being created, spurring quality local employment opportunities.
“As the largest economy in Africa, it is hugely important that clean energy access is accelerated in Nigeria to positively transform lives and power sustainable economic development. We thank Nithio for their support as we continue on our journey towards achieving the UN’s Sustainable Development Goal 7 – clean energy for all.”
-Mansoor Hamayun, Bboxx CEO
“This is a very exciting milestone for the Nigerian team as it enables us to accelerate our plans to positively impact lives across the whole of Nigeria.”
-Ernest Akinlola, Bboxx Nigeria MD
Bboxx’s Innovation and Growth in Nigeria
In October 2021, Bboxx Nigeria launched to scale its product and services offerings in one of Africa’s largest markets with an outsized energy access need and has resulted in the following:
- An initial roll out that targeted three states surrounding the South-West region of Nigeria (Ogun, Oyo, and Lagos states), but plans to establish a presence over time in all states in Nigeria except the Borno State.
- An initial roll out will focus around three key product groups: “Flexx”, “BPower 20”, and “BPower 50”.
- Increased number of shops and product sales in the following three years.
- Deploying a strategy that will focus on shorter repayment timelines to ensure portfolio health.
About Nithio
Nithio is an AI-driven platform for clean energy investment. The company has standardized credit risk assessments to catalyze billions of dollars of capital into solutions that address climate change and help achieve universal energy access. Nithio does so by lending directly to the off-grid solar sector through its financial intermediary, Nithio FI, as well as supporting other investors to scale their investments by better understanding consumer credit risk. Learn more at www.nithio.com.
About Bboxx
Bboxx is a super platform, transforming lives and unlocking potential by providing access to essential products and services across Africa.
Bboxx has built a fully integrated operating system Bboxx Pulse®, backed by an extensive on-the-ground network to provide goods, services and utilities across Africa. We offer African households, businesses and communities a highly convenient and affordable way to access life-changing solutions, through last mile logistics and data-powered innovative financing methods.
Bboxx is championing the economic development of Africa, accelerating the transition to the digital economy and creating new markets. We are connecting both underserved rural communities and aspiring urban ones with services including clean energy, clean cooking, smartphones, and loans, enabling African consumers to unlock their potential. Following the acquisition of solar energy frontrunner PEG Africa, Bboxx will now positively impact the lives of more than 3.5 million people in 10 operating markets, directly contributing to 11 of the 17 United Nations Sustainable Development Goals. The acquisition makes Bboxx and its group of companies one of the largest networks in Africa for utility services, with over 4,000 staff across Africa and offices in the UK and China. For more information about Bboxx please visit bboxx.com.
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