Offering flexible financing to farmers in rural, off-grid areas.
SolarNow sells solar systems and appliances (for example, lights, TVs and solar water pumps) to rural off-grid households and businesses, of which more than 70% are farmers.
SolarNow has seen a strong demand for agri-related financing after selling over 160 solar water pumps in Uganda. To meet this demand and reduce the financial barrier for farmers to invest in agri-products, SolarNow has fully tailored a flexible pay plan scheduled to the seasonal cash flows of farmers. For the agri-appliances, flexible down payment and installments will be defined based on production and cash flow records of farmers.
Financing in rural off-grid areas is still mostly based on (peri) urban institutions that offer regular payment plans. SolarNow aims to offer innovative payment plans tailored to seasonality, launched through its existing in-house finance vehicle, and embedded in rural areas through the presence of its branch network.