Fenix International, a venture-backed technology company providing a next generation energy solutions, has reached 100,000 customers in Uganda.
This figure stands at double the 50,000 customers Fenix had 12 months ago, the company said in a statement.
ReadyPay Power, the company’s flagship solar power system, is generating radical access to energy in Uganda where over 80 percent of people lack access to electricity.
Fenix’s business model uses a pay-to-own payment plan. Customers pay $0.15 per day for the entry level product, with 36 months to complete payment for the entry level $160 solar home system.
This inclusive price point is the most affordable pay-to-own home solar system in Uganda and is key to the company’s scale in a country where the average salary is less than $2/day, the company said.
Lyndsay Handler, CEO of Fenix International, said, “Since we started selling ReadyPay on the pay-to-own model in 2014, we’ve seen exceptional demand. 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,” Handler added. “In addition, all of our off-grid customers build up a credit score, opening up new access to financial services and additional product upgrades.”
Hitting the 100,000 customer milestone brings the total of solar leases deployed by Fenix to over $20 million. ReadyPay works by unlocking access to the battery as soon as a customer makes a micro installment, which is facilitated by MTN Mobile Money. Fenix’s partnership with MTN, Africa’s largest telecom, has seen customers generate over 2.5 million mobile power payments so far.
Fenix is now poised to take ReadyPay and additional product lines to new African markets in the coming year, the company said.
Rajani Baburajan