Ready Pay Power System
By Varun Parekh, India (EUREC 2010/11), who since 2015 is product manager at FENIX INTERNATION in Uganda in charge to pilot, scale and launch different energy and financial products to cater the needs and affordability of an off-grid, rural customer base (~30 million+ off-grid customers in Uganda)
Fenix International is a venture-backed technology company and our mission is to transform our customers’ quality of life through disruptive innovation in energy and financial services. Founded in 2009, Fenix International is a for-profit renewable energy company with offices in Silicon Valley and East Africa. Fenix pairs the benefits of renewable energy with inclusive mobile financial services, to fulfill our mission of delivering life-changing technology to the 1.3 billion people who live without power.
Our flagship product is the ReadyPay Solar Power, an expandable, lease-to-own home solar system - one of the world’s most affordable and accessible sources of power to those living off-grid. Providing power for phone charging, lighting, radio, and even TV, ReadyPay kits are available from just $0.25 per day and are financed over 18-months via Mobile Money platforms. We strive to create financing plans that are flexible, inclusive, and affordable to ensure the greatest reach and impact. We use real-time transaction data to create a next-generation credit score to finance power upgrades or other life-changing loans.
ReadyPay was launched in Uganda in early 2014 and the business has grown exceptionally during the past year, exceeding all targets and growth ambitions. We are now poised to scale and revolutionise access to electricity and financial services throughout the region. To date, we have sold 65,000 ReadyPay Power systems in Uganda and we are growing our product portfolio and geographic coverage to bring power and a wider world of financing to over 2 million customers by 2020.
Our flagship product ReadyPay:
ReadyPay is our patent-pending financial platform that allows customers to pay-to-own Fenix solar energy systems over time. Engineered to integrate with any mobile money system, ReadyPay enables customers to make payments from a mobile phone and receive a secure code to unlock access to solar power until another payment is due.
From customer payment histories, we are building a massive dataset to create a next generation credit score for the 2.2 billion unbanked adults in emerging markets.
Launched in Uganda in partnership with Africa’s largest telecom, MTN, ReadyPay Solar is available now for as little as $0.25 per day.