Africa-focused renewable energy finance platform, Nithio FI has secured $4.5 million in funding to offer sustainable and renewable off-grid energy solutions for homes and small businesses in Kenya, Nigeria, and Uganda.
Led by FSD Africa Investments (FSDAi), the investment tier of FSD Africa, a financial sector development and catalyst programme based in Nairobi and funded by the UK Aid.
The funding complements Nithio FI’s total raise of $23 million, will support access to renewable energy for households, smallholder farmers and micro-entrepreneurs who otherwise will not be able to meet the costs. It wants to do the same for energy providers in Africa.
Nithio FI aims to intensify the reach and access of electrification to more African homes and businesses, banking on its pay-as-you-go (PAYGO) financing model and catalytic capital solution.
“In order to achieve universal energy access by 2030, last-mile financing must scale to the billions. Nithio has developed an innovative approach powered by its Risk Analytics Engine to lend to small, medium, and large off-grid energy operators to drive scalable connectivity. We are excited to work with FSD Africa Investments to achieve this goal,” Héla Cheikhrouhou, Nithio Co-Founder and CEO, commented.