Andile Ngcaba’s investment firm Convergence Partners backs solar power firm Yellow’s latest Series B funding round. capital investments solarbusiness
Yellow is a provider of pay-as-you-go finance for off-grid solar home systems and connectivity solutions for low-income consumers in parts of East Africa.Convergence Partners Digital Infrastructure FundThe company notes that lack of access to consumer finance is at the heart of African consumer pain points, as it inhibits asset ownership and their associated services.
Since entering the market in 2018, Yellow has grown its reach to more than 400 000 households across Malawi, Rwanda, Uganda, Zambia and Madagascar. “Yellow’s offering also sits well with our promise to our investors of strong investment returns married with solid social development impact. In this case, by tackling the triple challenge of financial inclusion, green energy distribution and broadband penetration, and doing so profitably while servicing the unbanked communities of the lowest income countries of Africa.”
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