Nithio Fl to Expand Access to Off-Grid Energy After $ 4.5 Million Investment from FSD Africa Investments
The investment arm of FSD Africa FSDAi (FSD Africa Investments) has invested $ 4.5 million in Nithio FI, an AI-powered finance company that seeks to standardize credit risk ratings and attract more capital to the industry. Nithio Fl previously raised $ 23 million to expand its off-grid energy financing in Kenya, Uganda and Nigeria.
Nithio Fl is an energy finance intermediary that provides Pay as You Go (PAYG) off-grid solar services while ensuring reliable and sustainable renewable energy solutions for shopping malls and households in Uganda, Nigeria and in Kenya. The company plans to provide financing for more than 224,000 energy access products in Africa, including solar home systems and appliances for productive use.
Statistics show a blockage of investments in off-grid solar offerings in Africa over the past 5 years. Nithio Fl’s innovative approach will unlock capital for off-grid renewable energy and help tackle climate change while promoting sustainability. Nithio Fl also raised $ 7 million to grow its operations and data analytics section during a cycle co-led by TPG’s The Rise Fund and Kupanda Capital.
Marc Napier, The CEO of FSD Africa said that investing in sustainable and efficient energy sources will help build a âgreener and more inclusive future for African economies.
HÃ©la Cheikhrouhou, Nithio CEO said the company has developed a “ innovative approach powered by its risk analysis engine â to lend to small, medium and large off-grid energy operators.
FSD Africa was established in 2012 in Kenya and is funded by the UK government and UK Aid.
Our investment arm, FSDAi, has invested $ 4.5 million in @nithiocredit – a renewable energy financing intermediary to support the development of access to off-grid energy in African markets.
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– FSD Africa (@FSDAfrica) June 23, 2021