Azuri Technologies, a solar company, has announced a partnership with FirstBank of Nigeria Limited that will increase financial inclusion and at the same time, bring clean and affordable power to millions of Nigeria. Employing the pay-as-you-go model, customers will be able to pay for their solar usage via FirstBank Firstmonie agent network. Firstmonie agents are already positioned within rural and semi-urban locations across the country to provide basic financial services such as account opening, cash deposit, cash withdrawals, airtime purchase, bill payments and much more to every Nigerian.
Pay-as-you-go off-grid solutions for are on the rise in Africa, to reach last-mile rural settlements and to reduce the initial capital barrier for customers. This afford customers to pay for the product in small instalments, rather than one-off payment system.
According to the CEO of Azuri, Simon Bansfield “This partnership combines the reach of FirstBank with Azuri’s technology and pay-as-you-go solar expertise to bring next generation power to off-grid consumers in Nigeria” said Azuri CEO Simon Bransfield-Garth.
“Azuri and FirstBank share the vision of a level playing field where all consumers have the ability to benefit from modern financial and digital services, regardless of where they live and this agreement is another step in making that vision a reality.”
According to FirstBank CEO Adesola Adeduntan, “Financial inclusion is a priority with FirstBank and we are excited that with this partnership, our customers are able to access a wide range of services that address real problems such as access to power. With our over 16,000 Firstmonie Agents spread across the length and breadth of Nigeria, our customers are at an advantage in enjoying seamless financial services from the Bank that puts them first.”
The Azuri systems have been designed to deliver great experience and performance at an affordable rate. Customers can make small weekly or monthly payments to gain usage access to their solar system. Pay-as-you-go model is transforming lives, boosting local economies, and creating more employment opportunities. At the moment, 60 million Nigerians do not have bank accounts and 93 million Nigerians lack access to electricity. By offering a double-play solution that increases financial inclusion and at the same time provides access to electricity and digital services is a win-win situation for both companies.