There’s an old African proverb that says “If you want to go quickly, go alone. But if you want to go far, go together.”
This collaborative approach forms a fundamental part of the Koolboks culture and is essential to our mission to make refrigeration accessible to all. In light of this, Koolboks has secured a partnership with Carbon, a major financial institution in Nigeria, to accelerate the adoption of off-grid cooling solutions in homes and businesses across the country. This is Koolboks’ second major partnership with a financial institution, following that of Sterling Bank.
It is estimated that over 40% of the Nigerian population are low income earners, living on less than $1.90 per day. As a result, they cannot afford off-grid solar refrigerators and other alternative cooling solutions to combat the negative effects of inadequate power supply in the country.
Through its partnership with Carbon, Koolboks is able to offer a lease-to-own business model that allows customers to own their Koolhome solar freezers right from their very first installment payment. With this model, customers can pay as low as N12,000, receive their Koolhome solar freezers and pay back in small monthly installments over a 24-month period. This helps to reduce the huge upfront costs needed to purchase solar refrigerators, making it affordable for everyone, while also increasing access to clean solar energy in the region.
According to Ayoola Dominic, the CEO and Co-Founder of Koolboks, “Working with a key financial institution such as Carbon is essential to help us increase the adoption of off-grid cooling solutions in Nigeria, particularly in households with limited income. Through this, we hope to increase energy efficiency and provide access to alternative clean cooling solutions that are affordable to all.”
Carbon is an automated lending service focused on increasing access to credit for financially under-served and excluded individuals in Nigeria. Established in 2016, Carbon has provided over N3bn in microcredit loans to its users since inception.