INDUSTRY TRENDS

Energy Access, Financial Inclusion, and Improved Livelihoods: PayGo’s Triple Win

“Africa is simply tired of being in the dark. It is time to take decisive action and turn around this narrative: to light up and power Africa – and accelerate the pace of economic transformation, unlock the potential of businesses, and drive much-needed industrialization to create jobs,” This was said by Akinwumi Adesina, President of the African Development Bank, in his speech at the Africa Union Summit held in January 2016 while outlining the bank’s five development priority areas for Africa’s transformation including Light up and Power Africa initiative.

Indeed, Africa will not achieve its development goals if it does not tackle its energy access challenges. The continent has the lowest electricity access rate globally at just over 40 percent.