- Nithio platform is set to receive funds from Shell Foundation
- The investment aims to provide electricity to 3.5 million people.
The Shell Foundation, funded by the Anglo-Dutch oil company, plans to increase electricity access in Africa via renewable energy systems. The organisation is investing in Nithio FI (Financial Intermediary), an investment drive developed by the Nithio platform, which specialises in financing renewable energies based on artificial intelligence.
Nithio FI grants loans to electricity providers in Africa using renewable energies. These loans are operated by a risk analysis engine, leveraging geospatial data, artificial intelligence and consumer repayment data. According to Nithio, the Shell Foundation’s investment, co-funded by UK Aid, will help reduce risk while unlocking additional commercial and development investment in its financing vehicle.
Through its Nithio FI investment drive, Nithio aims to provide access to electricity to 3.5 million people and avoid emissions of 250,000 tonnes of CO2 equivalent by 2025. The company co-founded by Kate Steel, Queen Chinyere Quinn, and Bobby Pittman currently provides debt-backed loans to solar energy providers in three African countries.
In Kenya, Nithio has invested in Rafode. Using artificial intelligence, this microfinance company offers products for rural areas, including loans for solar home systems. In addition, Nithio has invested in Winock Solar, A4&T Power Solutions, and VEP in Nigeria.