A PAYG provider, Yellow, is being supported by Oikocredit with a loan of $5 million so as to proceed with their intention of supplying access to electricity to approximately 89,000 households with low supply of it in the sub-saharan Africa.
With the investment, Yellow will be able to support low income earners in Malawi, Zambia, Rwanda and Uganda with access to clean energy and total lawful influence of off the grid solar goods that can be extended to suit the people’s utilisation of solar energy demands.
Having access to renewable electricity will help households in improving their livelihoods, actualising greater worthy living and increasing their earning capacity.
Since the company’s establishment in 2018, Yellow has broken new ground and prepared solar energy solutions for low income people. It has sold more than 300,000 energy tools until now including improvement of the lives of more than 1.5 million people with access to clean energy.
Also, Yellow has been given major economic opportunity for more than 1,200 people via employment as agents.
Replenishable energy created by Yellow’s solar home systems has evaded roughly 442,671 metric tonnes of CO2 virtually equal by substituting kerosene lanterns and diesel generators.
Expressing their pleasure in collaborating with Oikocredit, the CEO and founder of Yellow, Michael Heyink stated that the loan will allow them obtain national currency funding in several territories which will provide a wider range to better attend to more customers.
Investment Officer at Oikocredit, Siebren Wilschut also expressed their delight in the working alongside the partnering company in its unfolding to supply more access to energy over the Africa continent. According to him, with the investment, comes continual dedication to obtaining greater social influence in sub-saharan Africa through investments in sustainable energy and also make better the standard of living and connection of low income people.