In a significant move to empower Small and Medium Enterprises (SMEs) in Africa, Michael Olaitan, co-founder of Power Now, Pay Later – a solar energy company based in Nigeria- emphasized solar energy’s viability as a solution to electricity woes in Africa.
This emphasis was made by Olaitan, who spoke as a panelist at the recent National MSME conference hosted by Smedan Nigeria, held on October 4, 2024, at the Banquet Hall, State House Abuja, Nigeria. Olaitan said Nigerian SMEs face significant challenges due to electricity costs and an unreliable power supply, leading to substantial losses and hindered growth.
He further mentioned that, in alignment with and implementation of the conference theme “Finance: Empowering MSMEs with Creative and Inclusive Funding Solutions,” his company, Power Now, Pay Later, has weighed in to offer a solution through a revolutionary “Power Now, Pay Later” model that enables businesses to deploy solar energy systems immediately while spreading the cost over time.
Through shared innovative opinions among the expert guest speakers, the discussions at the conference underscored the importance of creative financial solutions in driving the adoption of solar energy for MSMEs.
Speaking to our reporter after the conference, Olaitan explained that “Power Now Pay Later” is a two-in-one model package solution. He said that while it empowers small businesses to overcome financial barriers and reduce operating costs, it is also contributing to environmental sustainability through an offer of clean energy that focuses on growth and success.
Talking about the model’s future, he said, “Power Now, Pay Later” aims to sustain the model by leveraging technology to optimize operations and explore developmental collaborations with financial institutions and working with MSMEs to make clean, affordable energy accessible to businesses of all sizes. He
“ I believe through this model, Nigerian SMEs can now harness solar power to drive growth and sustainability”. Olaitan said.