Mastercard, Centenary Bank and M-KOPA Solar launch pay-as-you-go solar in Uganda
Mastercard has partnered with M-KOPA Solar and Centenary Bank to introduce pay-as-you-go solar to Uganda.
The project saw its first pay-as-you-go QR transaction this week, marking the official launch of the initiative.
The program aims to raise Uganda’s electrificiation rate, which is currently one of the lowest on the continent, recorded at 22% in 2017.
“Access to basic necessities like electricity can unlock a better future for consumers on an individual basis and also help spur economic growth and empowerment for the country as a whole,” commented Raghav Prasad, Division President of Sub Saharan Africa at Mastercard.
“The Mastercard QR technology helps provide new levels of payment flexibility and affordability and will have a real impact on the daily lives of thousands of consumers in Uganda.”
“Digital technology is the ideal vehicle for promoting greater energy inclusion as it reduces the cost of delivery, increases efficiency and productivity thus opening up access to benefits and experiences that were previously unthinkable.”
M-KOPA offer products such as lighting, mobile phone charging, radios, smart phones, TVs, and fridges.
“M-KOPA has proven that our flexible financing model, underpinned by IoT systems and telemetry, is a scalable and efficient way for millions of people to acquire life-changing services and products,” remarked Nick Hughes, Co-Founder and Chief Product Officer at M-KOPA Solar.
“For example, 94% of our customers report an improvement in their children’s ability to do homework after taking our basic lighting product.”
“M-KOPA’s partnerships – including integration with the Mastercard QR payment platform – are opening up even more productive asset-financing services and infrastructure.”
“This tripartite partnership shall go a long way in enhancing our bank’s efforts geared towards promoting the use of clean and safe energy by our customers in the various communities we serve,” added Fabian Kasi Managing Director at Centenary Bank.
“The mode of payment is an affordable solution for our customers, many of whom live in rural areas with little or no access to electricity and other necessities including structured financing which this campaign addresses.”