Published on : May 30, 2018
Chinese enterprise Shenzhen JCN New Energy Technology is vying to introduce financial technology in Africa. Announced at the 2018 Seventh Oil and Gas Expo, Africa and Power and Energy Exhibition, the move that targets low income households is to boost uptake of solar power in the country. As stated by an associate of the Chinese firm, a proprietary technology has been developed that enables households to purchase a solar kit. The cost of the solar kit can be paid in small monthly mobile payment. The technology links monthly payments made by customers with system function.
On the other hand, in the event monthly payment is not made the system switches off and lowers risk of non-payment. Once the payment is made, the customer is sent a code on the mobile phone. The code is then entered using a touch pad to start the solar home system.
Targeted for Low Income Households Scheme Allows Easy Monthly Payment
PAYGO, as the solar kit is named is available for a meager US$ 80 for 20 watts system that can charge mobile phones and power as much as two light bulbs and. The expensive kits with 120 watts can light up to four bulbs, a television set, and charge cellular phones.
Shenzhen JCN New Energy Technology aspires to boost the uptake of solar energy in Kenya. The scheme is targeted for bottom of the pyramid consumers who need to make an initial deposit of 10 percent of the total value of the kit. This can be followed by small monthly payments of five to twenty dollars until the payment is completed.