Circool, Africa’s first Solar wallet, is on a mission to make solar power adoption faster through its savings feature.
Power supply is key to productivity for Nigerians. With remote work boom and 42% of African employees working remote at least once a week. MSMEs also need stable power supply to drive sales.
However, the current options are not cutting it. Government supplied electricity is totally unreliable, with power grid collapses and infrequent power supply schedule. Getting a solar system is expensive outright as well, making it an unrealistic options for 9-5ers and MSMEs. Lagos alone has about 4 million generators operating for an average of 8 hours
This is where Circool comes in. Circool wants to replace 200,000 of these generators with solar systems within the next 5 years. Overall, the market opportunity is valued at about $20B. The Cofounders- Stephen Oyekanmi and Pacheco Kemi, birthed the idea of the product after running their renewable Energy company- SolarCorp for five years, having done over 1000 solar installations across different customers segment across Nigeria
Circool is also the answer to the feedback customers gave the founders about solar financing options. Unlike competitors who chose to stick to the interest rate and repayment options that were mostly inconvenient for customers, Stephen and his team came up with the idea of building a product that would allow people save up towards getting a solar system, at no interest rate.
The goal of Circool is to ensure that everyone has access to stable and clean power supply regardless of their income, starting from Nigeria.
How Circool Works
Sign up: Users sign up with their details
KVA Test: Users choose the appliances they want to power
Savings Target: Users choose a savings target (e.g 50-100%) of the actual product price
Circool’s Advantage
Circool’s biggest advantage for users is that they can request a solar installation after they’ve reached 50% of their savings target. This means that if your solar system is N500,000 and you’ve saved up to N250,000, you can request an installation and pay the rest over a period of time.
Circool also operates on a zero interest rate charge, which makes it more financially convenient for users
The platform now has over 200 active savers and has successfully carried out installations for over 50 of their savers.
The company is currently raising its pre-seed and welcomes investors to join its mission to make clean energy accessible and affordable for Nigerians.
