By Jeph Ajobaju, Chief Copy Editor
Infibranches Technologies has raised $2 million from All On, an impact investment firm backed by Shell, to help bridge energy distribution gap in underserved rural and semi-urban communities.
Infibranches provides digital payment services to solar energy providers and is the only Nigerian fintech that has built a secure platform that serves as a single point of integration for payments and other financial services for service providers in the local renewable energy sector.
TechCabal reports that Infibranches helps companies through its OmniBranches and Green Energy Plug with large distribution networks, Solar Home System (SHS) distributors, and mini-grid developers.
Infibranches CEO Olusola Owoyemi expressed optimism about the potential of the deal to fill the gap by connecting consumers and service providers seamlessly, illustrating the interconnectedness of financial inclusion and poverty reduction.
“Through this investment,” he explained, “Infibranches plans to speed up customer acquisition in its current markets.
“This will also improve existing products like Omnibranches, which has served over a million customers, and introduce new products and services to address energy distribution issues.”
The Nigerian Off-Grid Market Acceleration Programme – a not for profit backed by UK charity, Shell Foundation, USAID, and UK Aid – supports Infibranches to develop a single payment integration solution for SHS that facilitates payment collection through a network of agents, including banks and mobile money agents.
All On’s aims to trigger the next phase of Infibranches’ growth by financing inventory and agent acquisition, product and technology development, and provide capital for distribution of SHS to households and commercial users with a special focus on the Niger Delta.
Removing market barriers
Shell Foundation CEO Sam Parker said “the initiative’s work with Infibranches has shown how important it is to continue addressing market barriers, enabling enterprises to more quickly expand their life-changing energy solutions to households and SMEs across Nigeria.”
All On CEO Wiebe Boer added that “we are particularly thrilled about this deal because it’s an innovative business model that solves the payments and collections problems that Solar Home System distributors and mini-grid developers face across Nigeria.
“This partnership merges fintech and renewables in a way we haven’t seen in Nigeria before and will enable tens of thousands of new electricity connections.”