Firm empowers business owners with renewable energy

As Nigeria’s economy struggles with a lack of access to affordable and reliable energy, a fintech company, Payhippo has empowered business owners with renewable energy through innovative payment plans.

The firm highlighted its plans underway at the “Payhippo Solar Expo: Financing the Solar Ecosystem” held for installers and vendors in Lagos.

Head of Sales for Payhippo Nigeria, Dayo Adewale, described the empowerment initiative as problem-solving.

According to her, financing the ecosystem will significantly help reduce the expenditure of business owners in the country.

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“We finance the vendors to buy more from their distributors and finance their customers by making loans available for end users who want to buy solar systems for installation in homes, shops, and offices but don’t have money to buy. They only make a 30 per cent down payment and we finance 70 per cent. The loan can be repaid within three months, six months, nine months, or 12 months, as the case may be,” says Adewale.

The CEO of Payhippo, Damilola Olawoye, said the decision to host the expo followed feedback from SMEs who lamented that power was a major challenge for their businesses.