Payhippo Empowers Business Owners and Consumers with Renewable Energy to Boost Nation’s Economy

As Nigeria’s economy struggles with a lack of access to affordable and reliable energy, a fintech company, Payhippo is stepping up to empower business owners with renewable energy through innovative payment plans.

It highlighted its plans underway at the “Payhippo Solar Expo: Financing the Solar Ecosystem” held in Lagos on Thursday for installers and vendors.

The Head of Sales for Payhippo, Nigeria, Dayo Adewale, described the empowerment initiative as problem-solving.

According to her, financing the ecosystem will significantly help reduce the expenditure of business owners in the country.

“We are playing into the renewable energy space because we know that this is a much-needed solution for this current economic crisis.

“Owners can better manage their businesses when they have renewable energy,” she emphasised.

To further help these business owners, Adewale outlined how Payhippo started financing solar, the entire ecosystem.

While the fintech firm does inventory finance for the installers and the vendors, it also does asset finance for its customers.

“We finance the vendors to buy more from their distributors and finance their customers by making loans available for end users who want to buy solar systems for installation in homes, shops, and offices but don’t have money to buy.”

“They only make a 30 percent down payment and we finance 70 percent. The loan can be repaid within three months, six months, nine months, or 12 months, as the case may be,” says Adewale.

In his remarks earlier, the CEO of Payhippo, Damilola Olawoye, said their decision to host the expo followed feedback from SMEs who lamented that power was a major challenge for their businesses.

Olawoye added: “We found out that power is one of the biggest challenges they face – both the cost of power and also the reliability.”

“To provide a viable alternative for these businesses and households, we decided to work with the solar ecosystem within Nigeria to make solar equipment more accessible to businesses and households.”

Payhippo makes solar equipment more affordable by providing finance solutions which reduce the upfront cash outlay required by installers and end-users for their purchases. .

To make the equipment more affordable and accessible to all, Payhippo resolved to enlighten installers and end users on its offers.

Accordingly, Olawoye said the partnership would make it easier for installers to buy stocks and help them sell their products by providing loans to their end users, describing installers as a critical component in the solar equipment distribution chain.