The Development Finance Corporation (DFC), a financial institution and agency of the United States federal government, has invested $10 million in Nithio FI, B.V. to help it scale its data-driven financing to impact more than 3.5 million people by 2025 and drive climate change adaptation efforts in Kenya, Uganda, and Nigeria.
This fund part of the $23 million commitment fundraisings included FSD Africa investments ( FSDAi), an investment branch of FSD Africa, and EDFI Electrification Financing Initiative, a European Union ( EU) funded body. will then provide loans to solar energy market players in Nigeria, Kenya, and Uganda.
Founded in 2018, Nithio is a developer of an AI-enabled solution to help investors quantify and assess risk to inform their financing. The clean energy financing company aims to unlock lending access for solar energy businesses of all sizes, empowering them to provide energy access for millions of households in Africa
Currently, Nithio has invested in four large off-grid solar energy and in microfinance establishments in VEP, Rafode, Winock, and A4&T Power Solutions all in Kenya and Nigeria respectively and are solar energy providers.
This latest investment will enable the company to grow more while creating a lasting impact. The co-founder of Nithio, Bobby Pittman said, “Nithio has created an innovative, data-driven solution that fills a major market gap to sustainably increase capital flows to the clean energy sector. By normalizing credit risk, Nithio’s investments will have a significant impact on universal energy access and combating the effects of climate change”.