Fenix Intl — Another Inspiring Company
Continuing in the same vein that I started last week, I want to talk about another company that inspires me — Fenix Intl. Fenix is an energy and technology company operating in Africa. I’ll go ahead and take a stab at their why/how/what:
Why
Fenix seeks to improve the quality of life of their customers
How
Their products and services are affordable, inclusive, and high quality
What
They make the ReadyPay Solar Power products that are financed using mobile money.
I have two friends that live in Kampala, Uganda and work for Fenix. I was lucky enough to spend some time visiting them recently, and learned a lot about the company model.
The Product
The company’s main products are the ReadyPay Solar Power kits for remote, off-the-grid households. The kits are lockable and vary in size. They turn sunlight into energy that can charge phones, power lights, radios, tvs, and more. Customers can also purchase additional panels, lights, and other accessories.
The Financing
ReadyPay has a lease-to-own model. Once the customer is approved, they pay a deposit to get the product, and then pay to keep the product unlocked using mobile money, the usage of which is extremely widespread. The cost can be paid one day at a time, but the product will lock if a customer stops paying. Once the full cost of the product is paid off, over months or years, the product is indefinitely unlocked and the customer can continue to use it for the remainder of its functionality. Most customers pay the loan off in 2–3 years, but the product can last 6–8 years. This financial model also allows the customer to build credit and gain access to additional products and loans as they do so.
Customer Service
The products have a 3-year warranty and the customer service call center is open seven days a week, with representatives that speak 27 languages. Fenix also has mobile sales reps who travel to remote areas to help customers choose a product, and widespread servicing centers.
Employee Benefits
In addition to good benefits, Fenix recently started Fenix Flames, which allows employees to have ownership in the company.
I think Fenix is a great example of a company that formed to fit a specific need in a specific market, and has worked hard to be as accessible as possible to customers at all income levels. Their vision is clear, and it seems to extend to the employees as much as to the users. I am sure that working with rural, remote customers has many challenges, but those people deserve access to clean energy as much as people in cities do.
