(Ecofin Agency) - Access to electricity remains a major challenge across Africa. To address this, various initiatives have been implemented to improve access to reliable and affordable power.

Nigerian fintech Payhippo has rebranded as Rivy, the company announced on March 26. It has also secured $4 million in pre-Series A funding, split evenly between $2 million in equity and $2 million in debt. The equity round was co-led by EchoVC, which used its $2.5 million Eco Fund to support the initiative, along with Shell’s All On, a climate-focused investment group. The debt funding was provided by local investors.

Previously known for offering short-term loans to SMEs, the company is now focused on supporting businesses with financing for clean energy projects. This development aligns with its ongoing commitment to improving access to reliable and affordable power solutions across Nigeria and Africa.

“We are doubling down on our mission to enable accessible and affordable clean energy financing for businesses and communities across Africa (…) Clean energy is the future of Africa,” said CEO Dami Olawoye.

According to the World Bank, nearly half of Nigeria’s population still lacks access to electricity, highlighting the urgent need for alternative energy solutions. Rivy is positioning itself as a key player in addressing this issue. The company has been working on its strategy over the past few years. Back in October 2023, it organized the "Payhippo Solar Expo: Financing the Solar Ecosystem" after receiving feedback from SMEs, who cited power reliability and cost as major challenges for their businesses.

Rivy’s move comes at a time when solar energy financing is gaining more attention in Nigeria. Earlier this month, for example, Access Bank launched its own solar energy financing model to support sustainable energy solutions for Nigeria’s health sector.

These initiatives are welcome in a country that ranks among the top four CO₂ emitters in Africa, mainly due to its reliance on diesel generators amid power grid instability. Clean energy, on the other hand, offers a healthier, more sustainable alternative by reducing greenhouse gas emissions and limiting air pollution.

Despite the good momentum, Nigeria’s solar capacity remains relatively low. However, it has been growing steadily over the past decade, from 11 MW in 2015 to 144 MW in 2025, according to the latest IRENA report.

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