Solar Firm in Ghana Continues Expansion to Mali
Peg Africa, a Ghanaian solar firm operating in other West African countries, ie.Ivory Coast, and Senegal, including Ghana has extended its services in Mali.
With this extension, Mali becomes the fourth West African country to receive the pay as you go solar from Peg Africa after Ghana, Ivory Coast and Senegal.
The company uses pay as you go technology to supply energy to users in these West African contries who could not access eletricity in the past. They supply the energy with low cost mobile payment systems.
Comparing Peg Africa service to other services, the company claims that half of their 450,000 customers earn less than $3 per day raising to $97 per month profit after tax. Earlier, customers in the Peg four African market were spending almost 30% of their salary on batteries, kerosene, fuels, candles etc in able to access electricity.
Customers of Peg Africa’s four markets spends 30 percent of their income on polluting fuels such as kerosene, candles, and batteries according to statistics. With Peg Africa introdution, clean solar energy will be serviced to home systems which cost around $2 per week after an initial down payment of around $10 for a system that includes lighting, a phone charger and an optional radio as well as an additional charge on TV.
Hugh Whalan and Nate Heller founded Peg Africa in 2013. The company has gone on to serve 450,000 daily users in Ghana, Cote d’Ivoire, and Senegal through 550 commission-based sales agents with a solar energy pay as you go firm which helps users to get the credit report on their services.
With Mali’s 20 million population, only 34.8% of people have access to electricity and that number decreases in rural areas to around 20% having access in rural areas. According to statistics, 75%, approximately 15million population in Kenya lives in rural areas.
Peg Africa aims to expand its reach in other West African countries in 2021. According to their CEO, they aim to open new markets every 12 – 18 months. Already, they have raised $30 million in investments this year according to reports. With a $25 million Series C funding round in March 2019, bringing its total funding to $56.5 million.
ElecriFi, an electrification financing initiative funded by the European Union, announced to invest $5 million into supporting the company. This deal was made in September 2019.