January 24th, 2017
By Joshua S Hill
California-based Fenix International is a venture-backed technology company with a “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. Amoako*, 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.
* – Please note correction to K. Y. Amoako’s name from the original post.