In Nigeria, where access to affordable and reliable energy remains a significant challenge, Payhippo, a fintech company, is taking steps to empower business owners with renewable energy through innovative payment plans. This initiative was highlighted at the “Payhippo Solar Expo: Financing the Solar Ecosystem” held in Lagos for installers and vendors.
Dayo Adewale, the Head of Sales for Payhippo, Nigeria, emphasized the importance of this empowerment as a solution to the economic crisis. She stated that financing the solar ecosystem would help reduce business owners’ expenditures, allowing them to better manage their businesses with renewable energy.
To support business owners, Payhippo has implemented a comprehensive financing approach. They provide inventory finance for installers and vendors and asset finance for their customers. Adewale explained that they finance vendors to purchase more from their distributors and offer loans to end users who wish to buy solar systems for homes, shops, and offices but lack the funds. Customers are only required to make a 30 percent down payment, with Payhippo financing the remaining 70 percent, allowing flexible repayment within three, six, nine, or twelve months.
Damilola Olawoye, the CEO of Payhippo, shared that their decision to host the expo was a response to feedback from SMEs who struggled with power-related challenges for their businesses. The high cost and unreliable power supply were significant issues. To address this, Payhippo collaborated with the solar ecosystem in Nigeria to make solar equipment more accessible to both businesses and households.
Payhippo’s approach aims to make solar equipment more affordable by offering finance solutions that reduce the upfront cash outlay required for both installers and end-users. Olawoye stressed the importance of partnerships with installers, who play a critical role in the solar equipment distribution chain. By providing loans to end users and supporting installers, Payhippo is making solar solutions more accessible and affordable.
Payhippo’s innovative payment plans and financing solutions are set to empower business owners and consumers with renewable energy, ultimately contributing to the economic growth of Nigeria. This initiative addresses the pressing need for reliable and affordable energy in the country, helping businesses thrive and households gain access to sustainable power sources.