Frankfurt (Germany) and Lusaka (Zambia), June 2019. GreenTec is very pleased to announce our investment into Zambia-based Wid Energy. Wid Energy woman-led business dedicated to women’s empowerment and expanding affordable energy access. The company leverages an innovative PAYGO model to provide solar-powered homes and appliances.
Wid Energy focuses on expanding access to affordable energy access through the innovative application of the PAYGO (pay-as-you-go) model, which has a low penetration rate in Southern Africa providing a large market opportunity. The company’s name is an acronym for “Women’s Initiative for Delivering Clean Energy,” and works with more than 80 women sales agents. The company focuses on core competencies in lending and distribution, to develop a high-quality lending portfolio with minimized default risks. The company has developed partnerships to be the Zambian distributor for d.light, Greenlight Planet, and Little Sun solar home systems and products. The company has already connected more than 250 households in 2019 and the female-led team expects to connect more than 1250 households by July 2019. The company is actively working on developing its approach and model and completed the integration of MTN backed mobile money payments into its platform, greatly facilitating user payments.