Shell-funded impact investment company All On is pleased to announce a $2m investment in fintech company, Infibranches Technologies Limited to help bridge the energy distribution gap in underserved rural and peri-urban areas of Nigeria.
Olusola Owoyemi, Infibranches CEO, said he is enthusiastic about the potential of this deal to fill the gap by connecting consumers and service providers seamlessly, illustrating the interconnected nature of financial inclusion and poverty reduction.
“Through this investment, Infibranches plans to speed up customer acquisition in its current markets. This will also improve existing products like Omnibranches, which has served over a million customers, and introduce new products and services to address energy distribution issues”, Owoyemi noted.
Infibranches is currently the only company in the fintech space that has built a secure platform that serves as a single point of integration for payments and other financial services for service providers in the Nigerian renewable energy sector. The platform also supports agent banking businesses, enabling them to provide services such as cash payments and withdrawals, money transfers, utility, and telco payments to name a few.
The Nigerian Off-Grid Market Acceleration Programme, a not-for-profit initiative backed by UK charity Shell Foundation, USAID, and UK aid, has supported Infibranches to develop a single payment integration solution for the Nigerian SHS sector that helps facilitate payment collection through a network of agents across Nigeria, including banks and mobile money agents across the payment value chain.
Shell Foundation CEO Sam Parker said, “The initiative’s work with Infibranches has shown how important it is to continue addressing market barriers, enabling enterprises to more quickly expand their life changing energy solutions to households and SMEs across Nigeria.”
All On’s investment will trigger the next phase of Infibranches’ growth by financing inventory and agent acquisition, product and technology development, and provide working capital for business operations towards the company’s distribution of Solar Home Systems for households and commercial users across Nigeria with a special focus in the Niger Delta.
“We are particularly thrilled about this deal because it’s an innovative business model that solves the payments and collections problems that Solar Home System distributors and minigrid developers face across Nigeria,” said Dr. Wiebe Boer, All On CEO. “This partnership merges fintech and renewables in a way we haven’t seen in Nigeria before and will enable tens of thousands of new electricity connections.”
About Infibranches Technologies Limited
Infibranches Technologies Limited is a wholly owned Nigerian fintech company fostering access and rapidly accelerating financial inclusion and electrification across Sub-Saharan Africa. Infibranches is committed to taking energy and financial access to the last mile through products and services that impact everyday lives through technology and people.
All On, an independent impact investing company, was seeded with funding from Shell, and works with partners to increase access to commercial energy products and services for unserved and underserved off-grid energy markets in Nigeria, with a special focus on the Niger Delta. All On invests in off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies deployed by both foreign and local access-to-energy companies that complement available grid power across Nigeria and help bridge its significant energy gap.
About Shell Foundation
Shell Foundation (SF) is a registered charity, founded by Shell in 2000, that exists to support people living in low-income communities to escape poverty and ease hardship. We create and scale business solutions to enhance access to energy and affordable transport as a means to achieve this.