Nithio is an AI-enabled energy financing platform whose mission is to standardise credit risk assessments and therefore drive more capital into the renewable energy sector, including by investing directly and efficiently into off-grid solar companies. Nithio FI leverages credit risk assessments and cash flow forecasts data to inform its investment decisions, directing capital to scalable, sustainable solutions to Africa’s renewable energy access challenge.

Investment Details




AI-driven platform providing financing for clean energy companies reaching low-income households


Climate and digital finance


Nigeria, Uganda, Kenya, Sub-Saharan Africa

In portfolio since


Our role

Committed capital: £3.56 million Instrument:
  • Junior Equity – £3.25 M
  • Grant of £0.31 M

Our investment

  • Our investment in the equity stack of the Nithio facility, alongside EDFI Management Company, enabled it to raise additional funds and lower the cost of capital to its client base. Nithio FI currently provides receivables-backed financing to Pay-As-You-Go (PAY-GO) Solar Home System (SHS) in Nigeria, Uganda, and Kenya, with planned expansion beyond these three core markets in 2022.
  • FSDAi also invested to unlock capital for renewable off-grid energy in Africa, particularly for tier 2 and 3 PAY-GO off grid solar companies. These companies provide access to energy for households, smallholder farmers, and micro-entrepreneurs that are off-grid or struggle to meet energy costs.
  • Our grant will provide capacity support to Tier 2 and Tier 3 off-grid energy companies, preparing them to qualify for finance and build their data capabilities.

Purpose and target market

  • FSDAi’s investment seeks to deploy – and develop at scale – a data-driven receivable finance solution that can set standards for risk/credit assessment in the Pay-As-You-Go off grid sector.
  • Increasing debt finance and reducing cost to alternative digital finance innovators in the renewable energy space will drive more finance and potential capital market securitisation products for energy access at scale for populations off-the-grid.
Nithio is pleased to partner with FSDAi to ensure that local entrepreneurs are able to access financing to grow their businesses and reach the most remote off-grid households. Kate Steel CEO

Impact to date

32,445 Metric tons of CO2e emissions avoided

2,485 People with increased access to green productive assets

21 SHS Operators supported by Nithio (through the grant program) with operational and execution improvements, as well as data generation

Investee contacts

655 15th Street, Suite 800,
Washington, DC 20005,
United States

FSD Africa contact

Riverside Green Suites (Palm Suite),
Riverside Drive,
Nairobi, Kenya

Updated: March, 2023