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SOLARNOW SERVICES

Country

  • Product Type: Credit
  • Sector: Agribusiness
  • Project Country: Uganda

SOLARNOW SERVICES

SOLARNOW SERVICES
SOLARNOW SERVICES

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.

Project Description

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.

Key Innovations

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.