September 21, 2021

Nigerian Fintech Infibranches Gets $2M In Funding To Diversify Its Energy Products

Infibranches Technologies Limited has secured $2million in funding from ‘All On,’ an investment company backed by oil and gas giant Shell.

The Nigerian firm, founded in 2019 by Olusola Owoyemi,  aims to provide digital financial services for service providers in the energy sector. 

Through its flagship products – OmniBranches and Green Energy Plug – Infibranches helps companies with extensive distribution networks.

With the support of The Nigerian Off-Grid Market Acceleration Programme, it has also developed a payment system that helps to facilitate payment collection for providers of solar home systems and mini-grid developers through a network of agents across the country.

This includes banks and mobile money agents across the payment value chain.

The money earned from investment will be deployed into providing energy solutions to communities across Nigeria. It will also go towards financing inventory and agent acquisition as well as product and technology development, reported Nairametrics.

“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,” Mr. Owoyemi told Tech next.

Speaking on the investment, Shell Foundation CEO Sam Parker said: “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 mini-grid developers face across Nigeria.

“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,” he told Tech next.

Abbianca Makoni

Abbianca Makoni is a content executive and writer at POCIT! She has years of experience reporting on critical issues affecting diverse communities around the globe.

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