M-PAYG has developed a new type of prepaid solar energy system to allow low-income households in developing countries access to solar energy through small-scale mobile money installments. The monthly installments are matched with their monthly alternative cost of kerosene (lamp oil), making the solution radically affordable. These small monthly payments enable energy access for a whole month with full ownership in a short amount of time. Transferring just 5-10 USD through your phone unlocks the solar system and gives access to clean energy for room lighting, phone charging and powering other appliances. With each payment the customer also builds up a credit score, which allows them to build up a reliable profile for getting financial access to services previously inaccessible (e.g. access to micro health insurance, alternative education programs, and access to appliances that can trigger growth of entrepreneurial initiatives and additional revenue generation through new businesses).
This venture has not initiated a round of financing on this platform. If they choose to, the summary of the fundraising round will appear to registered investors here.