Tech in Africa
FSD Africa’s investment arm FSDAi (FSD Africa Investments) has invested $4.5M in Nithio FI, an AI -enabled financing company looking to standardize credit risk assesments and drive more capital to the sector. Nithio Fl had previously raised $23 million to scale its off-grid energy financing across Kenya, Uganda, and Nigeria.
Nithio Fl is an energy financing intermediary delivering Pay as You Go (PAYG) off-grid solar services while securing reliable and sustainable renewable energy solutions fors mall businesses and households in Uganda, Nigeria, and Kenya. The company plans to offer financing to over 224,000 energy access products in Africa including solar home systems and productive use appliances.
Statistics show a stall in investment into Africa’s off-grid solar offerings over the past 5 years. The innovative approach by Nithio Fl will unlock capital for renewable off-grid energy and help in countering climate change while promoting sustainability. Nithio Fl also raised $7 million to scale its operations and data analytics section in a round co-led by TPG’s The Rise Fund and Kupanda Capital.
Mark Napier, FSD Africa’s CEO said investing in sustainable and effieicnt power sources will help build a “greener, more inclusive future for African economies.”
Héla Cheikhrouhou, the CEO of Nithio said the company has developed an “ innovative approach powered by its Risk Analytics Engine” 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 $4.5m in @nithiocredit – a renewable energy financing intermediary to support the scale-up of off-grid energy access in African markets.
Read more: https://t.co/ec1B0V5dAD pic.twitter.com/ASRBe4kDq3— FSD Africa (@FSDAfrica) June 23, 2021
