- The acquisition asserts Bboxx’s position as the leading super platform for essential products and services in Africa, providing clean energy, clean cooking, mobile phone technology and accessible financial products to 3.5 million people
- Deal gives Bboxx access to new markets in Senegal, Ivory Coast, Ghana, and Mali, bringing total operating markets to 10 countries
- Bboxx benefits from PEG Africa’s operational and credit experience while PEG customers gain access to new products, services, and digitalisation with Bboxx Pulse®
Tuesday 6th September 2022 – Bboxx is cementing its status as the leading super platform for life-changing products and services on the African continent by joining forces with PEG Africa, one of the largest providers of distributed energy in West Africa and one of the continent’s fastest-growing companies.
PEG is a solar energy pioneer in West Africa and has one of the broadest footprints in the region with operations in 4 countries, close to 100 service centres and over 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 over 250 shops and 4,000 staff, positively impacting the lives of 3.5 million people in 10 operating markets across Africa. The combined customer payments received for Bboxx’s expanding range of products are expected to total more than 2 million payments per month or about 1 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 35 MW of installed solar capacity.
PEG customers will now benefit from Bboxx’s super platform, offering an extensive range of products and services including additional 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.
The agreement was closed on 5th September 2022. Financials have not been disclosed. Bboxx was advised by Lions Head Global Partners.
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.
PEG’s founders, Hugh and Nate, have built an exceptional company that has changed a million lives for the better. Their dedicated team, great customer service and focus on the customer experience will only make Bboxx stronger as we come together to continue to transform lives and unlock potential across Africa and beyond. I am delighted to be bringing PEG into the Bboxx family.”
Hugh Whalan, CEO and Co-Founder of PEG Africa, said “We have built a pioneering energy provider in West Africa and have been extraordinarily lucky to do it with a group of remarkable people who are passionate about making a positive impact in the world. We look forward to having even greater impact with the bigger scale that is achieved through joining forces with Bboxx.”
Bboxx is a super platform, transforming lives and unlocking potential by providing access to essential products and services across Africa.
Bboxx has built a fully integrated operating system Bboxx Pulse®, backed by an extensive on-the-ground network to provide goods, services and utilities across Africa. We offer African households, businesses and communities a highly convenient and affordable way to access life-changing solutions, through last mile logistics and data-powered innovative financing methods.
Bboxx is championing the economic development of Africa, accelerating the transition to the digital economy and creating new markets. We are connecting both underserved rural communities and aspiring urban ones with services including clean energy, clean cooking, smartphones, and loans, enabling African consumers to unlock their potential. Bboxx is positively impacting the lives of more than 2.5 million people across Africa, directly contributing to 11 of the 17 United Nations Sustainable Development Goals.
Bboxx has over 3,000 staff across Africa and offices in the UK and China.
PEG is a leading pay-as-you-go financing company in West Africa, operating in Ghana, Ivory Coast, Senegal and Mali. PEG has provided credit for useful and productive assets to one million underserved people, and by doing this, we help customers to gain ownership of assets that they would not otherwise be able to afford. Importantly, as customers pay off their loan to PEG, we start to understand their credit history, which is a valuable tool we can then use to provide for additional loans for products and services. PEG has over 500 full time staff, over 1,000 commission-based sales agents, and has earned many prestigious awards including the International Ashden Award (UK) for Innovative Financing, Inclusive Fintech 50, and being named by London Stock Exchange as one of the Fastest Growing Companies in Africa. More recently PEG was recognised as an Energy Access Champion for West Africa and won awards in Ghana for ‘Small Business of the year’, and ‘Off-Grid Energy Supplier of the year’. More information can be found at www.pegafrica.com.
For more information please contact:
Phone: +44 (0) 7457 2064