This archive report was first published on 24 September 2021.
On September 24, 2021, InfiBranches Technologies, a Nigerian financial and energy access company, secured a $2m pre-seed investment in a round led by Shell-funded impact investment company All On.
The investment aims to bridge the energy distribution gap in Nigeria's underserved rural and peri-urban areas and foster financial inclusion.
According to Olusola Owoyemi, InfiBranches CEO, the investment will enable the company to speed up customer acquisition in its current markets, improve existing products, and introduce new products and services to address energy distribution issues.
Through its secure platform, InfiBranches serves as a single point of integration for payments and other financial services for service providers in the Nigerian renewable energy sector.
The Nigerian Off-Grid Market Acceleration Programme, a not-for-profit initiative backed by UK charity Shell Foundation, USAID, and UKaid, has supported InfiBranches to develop a single payment integration solution for the Nigerian SHS sector.
“The programme's work with InfiBranches has shown how important it is to continue addressing market barriers, enabling enterprises to more quickly expand their life-changing energy solutions to households and SMEs across Nigeria,” said Shell Foundation CEO Sam Parker.
Dr Wiebe Boer, All On CEO, added, “We are particularly thrilled about this deal because it's an innovative business model that solves the payments and collections problems that Solar Home System distributors and mini-grid developers face across Nigeria.”
