|Market segment||Distributor of energy systems|
|Total investment volume||€3.5 million|
In East Africa, where agriculture is a main contributor to the economy’s GDP, climate change-induced drought and unpredictable weather patterns have contributed to increasing uncertainty for rural business owners and their communities. Tanzania-based social business Simusolar hopes to enable rural prosperity and overcome last-mile distribution barriers by providing and financing solar equipment for productive use.
Based on a lease-to-own model and a wireless ‘Internet of Things’ PAYGo-platform, Simusolar sells affordable solar-powered lights for fishing and irrigation systems for smallholder farming. The PAYGo platform allows the company to monitor customer equipment remotely, while enabling customers to ‘pay as they earn’ based on their seasonally varying cashflows. This model helps rural business owners reduce operating costs, generate a reliable income and enhance efficiency and productivity over time, thereby supporting a progressive transition from subsistence farming to agribusiness.