Its flagship solar power system, ReadyPay Power, is generating radical access to energy in Uganda where over 80% of people lack access to electricity: roughly 600,000 people in Ugandan households are now benefiting from the 1.2 million watts of solar installed across the country. In addition, Fenix estimates that more than 200,000 dangerous and polluting kerosene lamps have been displaced by their product. With an estimated $23 billion spent per year on kerosene, the company’s battle against ‘dirty light’ will continue to bring safe, affordable power to the millions who live off-grid. Fenix’s business model uses a pay-to-own payment plan. Customers pay just $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. Lyndsay Handler, CEO of Fenix International, said: 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 instalment which are facilitated by MTN Mobile Money. Fenix’s unique partnership with MTN, Africa’s largest telecom, has seen customers generate over 2.5 million mobile power payments so far. Building on a robust financing model, a high-quality product, and utter commitment to exceptional customer experience, Fenix is now poised to take ReadyPay and additional product lines to new African markets in the coming year.
