PEG is a solar energy pioneer in West Africa and has one of the broadest footprints in the region with operations in four countries, close to 100 service centres and more than 500 employees. The acquisition will transform the continent’s utility sector by making Bboxx and its group of companies the largest network in Africa for utility services and a driving force behind access to goods and services for underserved communities.
To date, Bboxx has provided more than 2.5 million people with access to clean energy and other products. Following the acquisition, Bboxx will have more than 250 shops and 4,000 staff, positively impacting the lives of 3.5 million people in ten operating markets across Africa. The combined customer payments received for Bboxx’s expanding range of products are expected to total more than two million payments per month or about one per second, making it one of the largest digital payment platforms in Africa.
PEG has expanded rapidly across West Africa, reaching one million people with its solar home systems (SHS) in Senegal, Ivory Coast, Ghana, and Mali. Through the acquisition of PEG, Bboxx consolidates its position as a leading source of clean energy solutions in Africa, with over 35MW of installed solar capacity.
PEG customers will now benefit from Bboxx’s super platform, offering an extensive range of products and services including additional solar home systems (SHS), clean cooking solutions, accessible finance products, and mobile phone technology. In turn, Bboxx will gain access to new customers and markets, as well as PEG’s extensive operational experience and credit capabilities, which generates the best portfolio quality in the industry.
All customers will be managed through Bboxx’s proprietary, fully integrated operating system, Bboxx Pulse. The deal represents the first time that Bboxx Pulse has been used to integrate a new company, as well as its services and customers, into the Bboxx fold. It marks a major step forward as Bboxx progresses with its transition from being mostly a provider of clean energy solutions, to becoming a super platform, providing access to goods, services and utilities to underserved rural communities and aspiring urban ones across Africa.
Welcoming the deal, Mansoor Hamayun, CEO and co-founder of Bboxx, said, “We founded Bboxx 12 years ago with the goal of transforming lives and unlocking potential of billions of underserved customers through access to essential products and services, including clean energy, clean cooking and financial services. While we have made great strides in this mission, there is still plenty more to do. In West Africa alone, there are over 150 million people with no access to electricity. By gaining access to new markets and utilising PEG’s impressive operational experience, we will strive to change that.
Bboxx was advised by Lion's Head Global Partners. We believe the firm is in the best position to grow the business, and will make a great success of its entry into 4 new markets.