Posted on

IFC Approves $25 Million to Expand Off-Grid Solar Systems in Africa

New Investments

IFC Approves $25 Million to Expand Off-Grid Solar Systems in Africa

The International Finance Corporation (IFC) has committed $25 million to support the expansion of off-grid solar systems in sub-Saharan Africa.

Announced during COP29 in Azerbaijan, the investment will bolster Acumen’s Hardest-to-Reach (H2R) initiative, a non-profit fund designed to enhance solar energy access for underserved communities.

The H2R initiative focuses on providing flexible debt and capital investment to solar companies operating in remote areas of the continent.

Acumen Founder and CEO Jaqueline Novogratz emphasized the initiative’s role in addressing energy poverty.

“H2R has already disbursed $10 million across six countries since its inception. This partnership with IFC allows us to scale our efforts and bring clean energy closer to communities that have been largely overlooked in the climate transition,” she stated.

The initiative aims to reduce greenhouse gas emissions by decreasing reliance on kerosene and diesel while connecting millions of households to solar electricity.

This effort aligns with the World Bank Group’s Mission 300, a collaboration with the African Development Bank, which seeks to connect 300 million people in Africa to sustainable electricity by 2030.

IFC’s investment is expected to drive significant progress toward universal energy access while contributing to regional environmental and economic sustainability.

Share :

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

You may also like...

Posted on

Lamine Tall: Innovating Financial Services for Africa and its Diaspora

Lamine Tall: Innovating Financial Services for Africa and its Diaspora

Lamine Tall is a Senegalese computer scientist and entrepreneur, serving as the Co-Founder and CEO of Cauri Money, a fintech company established in 2019.

Cauri Money offers a digital banking platform that enables African expatriates to manage their finances, including remittances, banking, and investment operations, all in one place. 

Tall’s educational background includes a Bachelor’s degree in Information Technology from SKEMA Business School in France, a Master’s degree in Business Information Technology from Virginia Tech in the United States, and a Master’s degree in Strategy from EDHEC Business School in France.

Before founding Cauri Money, he gained experience in the financial services and fintech industries, working as a Junior Associate at CGI Business Consulting in 2016, a Senior Consultant in Digital Enterprise Transformation at EY in 2018, and a Senior Consultant in Financial Services & Fintech at Deloitte in 2019.

 

In 2019, Tall co-founded Cauri Money to address a pressing issue: the financial hurdles faced by African expatriates in managing their finances and supporting families back home.

Recognizing that traditional banking and money transfer systems often lack efficiency, affordability, and accessibility for the African diaspora, Cauri Money provides a one-stop digital banking solution.

The platform offers remittance services, enabling low-cost, seamless international money transfers and investment opportunities, allowing users to contribute to Africa’s growing economies.

In addition to his role at Cauri Money, Tall co-founded Samaritanz Technologies in 2017.
 
The company develops a social network to facilitate the collection and redistribution of food donations by non-governmental organizations. 

Tall is more than a fintech entrepreneur; he is a visionary leader addressing one of Africa’s most persistent challenges—financial inclusion for the diaspora and underserved communities.
 
His work at Cauri Money represents a critical step in bridging economic disparities, fostering wealth creation, and redefining how Africa engages with the global financial system.

Share :

You may also like...

Lilian Makoi Rabi

Lilian is a trailblazing Tanzanian tech entrepreneur, passionate about technology, financial inclusion, and innovations for the underserved.

Read More »

Babs Ogundeyi

He is the Co-Founder and CEO of Kuda Bank, a fintech company on a mission to make financial services more affordable, accessible and rewarding for every African.

Read More »