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FSD Africa Investments has invested $4.5m in Nithio for SHS financing in West Africa and East Africa.
- Nithio aims to finance the deployment of 200,000 SHS kits.
Off-grid financing platform, Nithio, has secured $4.5 million from FSD Africa Investments (FSDAi) as part of a $23 million fundraising effort. The funds will enable the company to deploy stand-alone off-grid solutions for households and small businesses in Nigeria, Uganda and Kenya.
Nithio aims to finance private companies to deploy 220,000 solar home systems in rural areas. FSDAi believes that these solar kits will help to increase the rate of access to electricity on the continent. The solar kits allow rural consumers to pay for their solar home systems in instalments via mobile money (pay-as-you-go).