BusinessDay

Aella and Buypower sign multimillion dollar power financing partnership

Aella and Buy Power announced that the companies have entered into a strategic partnership to ease the process of buying electricity for Nigerian residents.

In the quest to design a more sustainable and consistent electricity supply, Aella’s credit partnering program with Buy Power has showcased pioneering innovations through this partnership.

With Aella’s expansion into the energy sector, Nigerians will have access to power through its diversifying credit solutions easing the process of buying electricity for over 6 million customers across Nigeria with Buy Power.

Most Importantly, as Nigeria works towards reaching its 2030 target of increased electrification access as a government goal, Aella’s partnership with Buy Power will play an important role.

Buy Power, a utility payment platform under the leadership of Benjamin Ufaruna and Oladipo Asehinde, is building an expansive platform with a combination of unique products that serve the purpose of convenience for electricity bills payments.

On the other hand, Aella, a diversified credit payments platform led by Co-Founders, Akin Jones and Wale Akanbi, simplifies access to credit for individuals and micro- businesses.

This new integration will utilise Aella’s comprehensive technology platform to provide consumers with the opportunity to buy electricity on credit.

The agreement will see Aella working closely with Buy Power and participating in several initiatives that promote the country’s energy sector.

The partnership has two strategic goals:

1. Fix Energy Access with Credit: Aella will grant two categories of loans;
The first assists users with immediate purchase of meters and the option to pay back in installments, and the second grants users access to, and facilitates the purchase of power with the 10 electricity distribution companies in Nigeria.

2. Ending Energy Poverty: Using the synergy of technology and credit to deliver seamless electricity access to all classes of households, businesses, and institutions in Nigeria and sub-Saharan Africa.

The overarching goal of this partnership is to contribute directly to the society by making life easier for residents in Nigeria and introducing a cost-effective way to subsidize electricity bills across distribution companies in Nigeria.