Nigeria - Startup under 3 years old

Décrivez votre projet en quelques mots

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

01.01 Décrivez votre startup en détail

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 Quel est le problème principal que vous essayez de résoudre ?

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 Dites-nous quels sont les principaux avantages et/ou bénéfices de l'utilisation du produit/service fourni par votre startup (au moins 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 Veuillez décrire précisément à qui s'adresse le produit/service de votre startup. Quels sont les bénéficiaires visés ?

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 Quand votre entreprise a-t-elle été créée ?

02/08/2022

01.06 Vendez-vous déjà votre produit/service ?

Oui

01.07 Combien y a-t-il de propriétaires de votre entreprise en plus de vous ?

2

01.08 Parmi les autres propriétaires, combien sont des femmes ?

1

01.09 Veuillez décrire le profil des autres propriétaires de votre startup (compétences, expérience, 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 Si vous avez un site web, une page sur les médias sociaux (Facebook, Instagram, Linkedin...) ou une application, veuillez fournir le(s) lien(s) ici :

https://solarmoney.io/

01.11 Quel est le secteur d'activité qui décrit le mieux votre entreprise ?

Énergie (équipements, services, énergie durable et fossiles)

02.01.01 Ma startup contribue à l'objectif 'Pas de pauvreté'

7 - tout à fait d'accord

02.01.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Faim Zéro'

7 - tout à fait d'accord

02.02.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Bonne Santé et Bien Être'

7 - tout à fait d'accord

02.03.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Éducation de Qualité'

7 - tout à fait d'accord

02.04.02 Justification de la contribution de ma startup

02.05.01 Ma startup contribue à l'objectif 'Égalité entre les Sexes'

7 - tout à fait d'accord

02.05.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Eau Propre et Assainissement'

7 - tout à fait d'accord

02.06.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Énergie Propre et Abordable'

7 - tout à fait d'accord

02.07.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Travail Décent et Croissance Économique'

7 - tout à fait d'accord

02.08.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Industrie, Innovation et Infrastructure'

7 - tout à fait d'accord

02.09.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Réduction des Inégalités'

7 - tout à fait d'accord

02.10.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Villes et Communautés Durables'

7 - tout à fait d'accord

02.11.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Consommation et Production Responsables'

7 - tout à fait d'accord

02.12.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Lutte contre les Changements Climatiques'

7 - tout à fait d'accord

02.13.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Vie Sous-Marine'

7 - tout à fait d'accord

02.14.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Vie Terrestre'

7 - tout à fait d'accord

02.15.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Paix, Justice et Institutions Efficaces'

5

02.16.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Parteneriats pour la Réalisation des Objectifs'

5

02.17.02 Justification de la contribution de ma 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 Un grand nombre de clients utilisent déjà un produit/service très similaire au nôtre.

7 = Tout à fait d'accord

06.02 Notre produit/service représente un type de produit/service entièrement nouveau

7 - Tout à fait d'accord

06.03 Notre produit/service pourrait être décrit comme une nouvelle technologie

5

06.04 Notre produit/service est une amélioration d'un produit ou d'un service existant

7 - Tout à fait d'accord

06.05 Notre produit/service pourrait être décrit comme une extension d'une gamme de produits ou de services

5

06.06 Notre produit/service répond à une demande ou à un besoin qui n'a pas été satisfait par d'autres produits/services.

7 - Tout à fait d'accord

06.07 Notre produit/service est une nouvelle version d'un ancien produit/service

7 - Tout à fait d'accord

06.08 Justification

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 Analyse compétitive

(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 Menez-vous des actions au sein de votre communauté pour promouvoir le rôle des femmes 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.