(Ecofin Agency) - In Uganda, solar solutions dealer, Fenix International, was able to provide populations more than 60,000 kits since 2014 when it entered the market. “Our success to date demonstrates the incredible demand for ReadyPay and the robustness of our financing platform,” said CEO of Fenix, Lyndsay Handler.

The firm has developed a peculiar acquisition system. “First, we are bringing clean, affordable power to replace expensive and dangerous kerosene lanterns. Second, customers build credit history that allows us to provide additional life-changing products and services,” the CEO said.

Truly, due to the low revenues of targeted populations, less than $2 per day, the firm has developed a system which requires only a small deposit upon provision of kits. Ugandan can pay remaining $200 or so, for installation, over 18 to 24 months, period after which they become owners of the solar kits. Payment is made through phones via a partnership between Fenix and MTN, one of Uganda’s major telecom networks.

The form which receives, in average, 120,000 payments per month, mobilized so far $5.7 million through 1.4 million transfers. All 60,000 kits have been estimated to bring Fenix about $11 million.

Gwladys Johnson