Nigeria - Startup under 3 years old

Describe your project or startup in a few words

SolarMoney Merges Ai, Big Data and Flexible Finance with Solar Clean Energy to Tackle Energy-Poverty in Underserved Communities in Nigeria.

01.01 Describe your startup in more detail

SolarMoney is the first solar micro finance institution in Africa, ensuring unbanked and banked customer in cities, towns and villages have easier access to clean solar energy by providing them flexible finance to own solar appliances and assets, while providing AI in English and Localized language to aid ownership decision, clarity about energy needs and how financing can be easily accomplished within a period of 365 days.

01.02 What is the main problem you are trying to solve?

98% of rural women, small-holder farmers and small businesses with other potential customers in Nigeria and other African countries on inquiring about the cost of solar energy appliances NEVER return to initiate purchase due to its incredibly high prices and complexities. People don't know exactly how much electricity they use daily, and have little knowledge of its technicalities. Also, the most affordable solar energy appliance package for a small family costs over $1,000, a sum that is way beyond the budget of over 90% of Africans (World Bank Data, 2022). SolarMoney is leveraging on this gap to provide solar appliances on credit basis while allowing rural women, low income families and small businesses to pay back gradually within a period of 3 to 12 months.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

i. Empowering the SGDs: SolarMoney empowers customers to generate their energy; It encourages the SDGs such as SGG 1, 2, 5, 7, 8, 13, and 14. ii. Financial Inclusion: SolarMoney provides flexible finances to customers’ e.g. rural women, small-holder farmers, and some of the most underserved segments; it allows them to get solar assets and appliances with as low as 25% down payment while providing the convenience to spreading the rest to 30 to 365 days. iii. Reduced Carbon Footprint: SolarMoney is creating easier accessibility to solar appliances; these produce zero emissions. iv. Data-Driven Insights: SolarMoney tools provide valuable data and analytics that help homes and businesses understand their real energy needs, enabling them to customize and even avoid energy waste more effectively. v.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

i. SolarMoney empowers customers to generate their energy; It encourages the SDGs such as SGG 7, 8, 13, and 14. ii. Financial Inclusion: SolarMoney provides flexible finances to customers’ e.g. rural women, small-holder farmers, and underserved segments to get solar assets and appliances with as low as 25% down payment while providing the convenience to spreading the payment to 365 days. iii. Reduced Carbon Footprint: SolarMoney is creating easier accessibility to solar appliances; these produce zero emissions. iv. Data-Driven Insights: SolarMoney tools provide valuable data and analytics that help homes and businesses understand their real energy needs, enabling them to customize and even avoid energy waste more effectively. v. Eliminates the need for Dirty Energy: SolarMoney provides solar appliances and assets that eliminate the need for this; it provides solar cook stoves, solar lamps, solar-powered fans, solar pumps, and others targeted at households and small businesses

01.05 When was your company established?

2022-08-02

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

1

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

(i) Mr. Tunde Adeyemi, CEO, Co-founder is a PhD student from the Lagos State University. His background is in Environmental Education. He has worked in the clean energy field for over 10 years. He is an AI, Data Expert and Renewable Energy Expert. Tunde has won over 20 international prizes from the IEEE, Clinton Foundation, AGRA, the French, German, Japanese, Dutch governments for his cleantech drive and passion for clean energy. (ii) Miss. Aminat Damilola is the CFO & Co-founder of SolarMoney and has spent 4 years as a banker, majorly focused on agricultural and energy financing before setting up a Solar Appliance side hustle. She managed these businesses before joining SolarMoney team as a co-founder and CFO. Damilola is a fellow of NAAEE, FAO, UN Women, WomenHub & ShEquity.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://solarmoney.io/

01.11 Which industry best describes your project?

a) Energy (equipment, services, sustainable energy and fuel)

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

SGG 1: No Poverty: Energy-poverty has been one of the key root cause to endemic poverty in Africa. SolarMoney is tackling this by ensuring there is sustainable and clean solar energy for low-income families, farmers and small businesses. It provides solar appliances and assets to power homes and businesses, therefore helping tackle energy poverty and ensuring there are more opportunities for families and small businesses.

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

SDG 2: Zero Hunger: Our innovation accelerates easy ownership of solar powered irrigation systems, solar powered water pumps while providing power for freezers, fryers, crushers and other low and high farmtech to small-holder and commercial farmers to improve their income and food security. SolarMoney in 2024 celebrated installing over 300 units of solar powered water pumps and more than 100 solar powered irrigation systems to farms such as Gudugba Farm Settlements, and other small and commercial farm settlements.

02.03.01 My startup contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification for my startup

SDG 3: Good health and well-being: Solar reduces household/business indoor and outdoor noise and air pollution caused by diesel powered combustion engines. Also, SolarMoney has provided over 2,000 units of its low-priced and efficient solar powered cook stoves to rural women who once depended on firewood and charcoal powered stoves.

02.04.01 My startup contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification for my startup

02.05.01 My startup contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification for my startup

SDG 5: Gender Equality: we have ensured customers easy access to high quality solar lamps. It therefore allows rural girls and off-grid students to have more reading times at home. Also, with the provision of Solar stoves, rural women don't need to trek miles in search of firewood; therefore having more time to spend with their family while also using a cleaner cooking method which does not emit co2.

02.06.01 My startup contributes to the Clean water and sanitation goal

7 - Strongly Agree

02.06.02 Clean water and sanitation - Justification for my startup

According to FAO, over 50% of farm produces ends up as post-harvest losses on African farms. This waste typically end up in rivers, wetlands and ocean bodies. The Nigerian Ministry of Environment in its 2022 circular confirmed that over 60% of the mass of waste dumped into oceans are spoilt farm produce. SolarMoney Africa is providing finances for small-holder farmers to own their own solar driers, freezers and other essential solar powered tools that mitigate this waste, as well as pumping machines powered by solar energy to tackle these challenges.

02.07.01 My startup contributes to the Affordable and clean energy goal

7 - Strongly Agree

02.07.02 Affordable and clean energy - Justification for my startup

SDG7: Affordable and clean energy: we are changing the blackout narrative and providing access to clean solar electricity for some of the most underserved and energy-deprived communities in the world. We provide financing for tier-1 solar appliances for rural, off-grid and hard to reach communities in Africa.

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

SDG 8: Decent work and economic growth: SolarMoneyAfrica has since helped create over 2,000 jobs such as solar energy system installers and maintenance personnel; solar energy powered phone charging kiosks, and other related jobs.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

SolarMoney is merging AI & Fintech with Solar Clean Energy technologies to transform the industry, and ensure underserved low-income families and small businesses can own solar assets and appliances.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

SolarMoney has ensured customers easy access to high quality solar lamps. It therefore allows rural girls and off-grid students to have more reading times at home. Also, with the provision of Solar stoves, rural women don't need to trek miles in search of firewood; therefore having more time to spend with their family while also using a cleaner cooking method which does not emit co2.

02.11.01 My startup contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification for my startup

SolarMoney believes communities in Africa have the potential to power their homes and businesses. It is focused exclusively on ensuring solar appliances and assets are provided for high and low-income communities to provide their own clean and sustainable energy while shifting away from dirty and highly polluting energy.

02.12.01 My startup contributes to the Responsible consumption and production goal

7 - Strongly Agree

02.12.02 Responsible consumption and production - Justification for my startup

SolarMoney promotes easy accessibility to clean solar energy which in turns promotes responsible consumption by harnessing a renewable, abundant resource—sunlight—to generate electricity, reducing reliance on fossil fuels. It minimizes greenhouse gas emissions and environmental impact, supporting sustainable living. By integrating solar panels, individuals and businesses can produce clean energy, decrease utility bills, and contribute to energy independence.

02.13.01 My startup contributes to the Climate action goal

7 - Strongly Agree

02.13.02 Climate action - Justification for my startup

SDG 13: Climate action: SolarMoney is reducing Co2 emission by providing easier access to clean solar PV and appliances. It was certified by Footprint Africa in 2023 to have mitigated over 30,000 tons of Co2 eq. SolarMoney hopes to reach a milestone of 100MW in the next 2 years, therefore reducing co2 emission from dirty electrical generators

02.14.01 My startup contributes to the Life below water goal

7 - Strongly Agree

02.14.02 Life below water - Justification for my startup

SGD 14: Life Below Water: according to FAO, over 50% of farm produces ends up as post-harvest losses on African farms. This waste typically end up in rivers, wetlands and ocean bodies. The Nigerian Ministry of Environment in its 2022 circular confirmed that over 60% of the mass of waste dumped into oceans are spoilt farm produce. SolarMoney Africa is providing finances for small-holder farmers to own their own solar driers, freezers and other essential solar powered tools that mitigate this waste.

02.15.01 My startup contributes to the Life on land goal

7 - Strongly Agree

02.15.02 Life on land - Justification for my startup

(ix) SDG 15: Life on Land: Landfilling with food waste is a common phenomenon in rural and urban Nigeria. Due to energy poverty, food waste are in abundance and end up forming mountain heaps of landfill in most communities in Nigeria and Africa. This creates immense pollution disrupting life on land. Also, rural families in their quest for energy are cutting down millions of trees annually in Nigeria and Africa. SolarMoney Africa is tackling this by providing BNPL services for rural women, families and communities to own solar powered stoves, solar powered freezers and other essential solar powered appliances to mitigate against food waste, and need for firewood.

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

5

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

SolarMoney is empowering rural communities to create more jobs, better qualities of life therefore promoting peace and justice among underserved communities. It is ensuring one of the key components of injustices suffered by these target communities which is majorly energy poverty, is been gradually eliminated by ensuring people can have access to clean solar energy, which was once termed an "elitists" technology by low-income communities. It is also working with NGOs and policy makers to ensure its solutions are widely adopted in other regions to create more impacts and ensure energy-equality.

02.17.01 My startup contributes to the Partnerships for the goal

5

02.17.02 Partnerships for the goal - Justification for my startup

SolarMoney sees itself as playing key role in spreading the SDGs, and ensuring it is guided by its principles and methods. The co-founders have gone through trainings organized by the UNDP, and other SDG focused groups to ensure it creates greater impacts in target communities.

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

7 - Strongly Agree

06.02 The product/service represents an entirely new type of product/service.

7 - Strongly Agree

06.03 The product/service could be described as a new technology.

5

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

5

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

7 - Strongly Agree

06.08 Justification for my startup

SolarMoney is the first solar micro finance institution in Africa, ensuring unbanked and banked customer in cities, towns and villages have easier access to clean solar energy by providing them flexible finance to own solar appliances and assets, while providing AI in English and Localized language to aid ownership decision, clarity about energy needs and how financing can be easily accomplished witihin a period of 365 days.

06.09 Competitive Analysis

(i) CredPal: Only 0.3% of their 2021 BNPL service went into solar energy products (ii) SunKing: Focused majorly on tier-3 and tier-4 solar appliances. A customer survey confirmed the lifespan of every Sunking product is within 6 to 12 months. (ii) CARBONPAY: does not provide advisory and other supports like we do. (iii) Spredda: Solar energy products accounted for only 0.7% of their 2022 services OUR UNIQUENESS: • Merging Finance + AI + Big Data + Local Languages for solar asset optimization • Providing tier-1, reliable, and simple-to-install and maintain solar assets at market price within 3 to 12 months at 5 to 20% interest • Flexible Payment & Financing Methods with up to 365 days payment • Building a large virtual solar asset network that links every single stakeholder: manufactures, retailers etc • Automation + Assistive AI in English & indigenous languages •10 minutes Customer Onboarding • Durability: products with 72 months warranty • Affordability as low as $5 and above

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

SolarMoneyAfrica is a women-centered organization. Its activities are centered on providing energy alternative to protect rural women and young people who are majorly the victims of energy-poverty. It also ensure women have greater roles in both its C-Suites, technical and outsources roles since women are majorly the victims of energy-poverty in Africa.