In today’s world, the demand for immediate solutions is greater than ever. But what happens when pressing needs, like reliable power, meet innovative thinking? This is the story of Michael Olaitan, the Co-founder of Powernow-Paylater, a startup that is transforming how small businesses in Nigeria access clean energy. When Michael Olaitan decided to pivot from the fintech sector to renewable energy, he embarked on a journey that would not only change his career but also impact countless small businesses in Nigeria. His startup is transforming how these businesses access clean energy, blending his financial expertise with a passion for sustainability.
The Spark of Inspiration
Michael’s journey into the renewable energy sector began unexpectedly during the COVID-19 pandemic. As a professional in the fintech industry, he found himself working from home and grappling with the notorious power challenges in Nigeria. The incessant need to fuel his generator was draining his finances, forcing him to seek alternatives.
“I realized I needed to get an alternative source of power,” he recalls. “After investing in solar inverters and panels for my home, I saw a significant reduction in my power costs, which allowed me to save more for my family.” This personal experience ignited a realization: if he struggled with power, how would small business owners cope?
Powernow-Paylater: A Unique Solution
This epiphany led to the creation of Powernow-Paylater a platform designed to provide small businesses and households with affordable and reliable clean energy. Michael Olaitan saw a gap in the market where many businesses needed immediate access to solar installations but lacked the financial means to pay for them upfront.
“Using my expertise in the financial sector, we built a system where businesses can ‘power now, pay later.’ They can provide a small equity payment, and the remaining cost is spread over 6 to 12 months,” he explains. This approach allows business owners to access solar energy installations without the burden of large upfront costs, making renewable energy more accessible.
Bridging Knowledge Gaps
Transitioning from fintech to renewable energy required a steep learning curve. Michael Olaitan recognized that to successfully execute his vision, he needed to gather knowledge about how power distribution works and the intricacies of renewable energy systems.
“I had to read widely and consult with experts in the field,” he says. “We also brought in fresh graduates with degrees in electrical and electronic engineering to our team. Their insights have been invaluable in programming the platform and understanding the energy needs of nano businesses.”
User-Friendly Technology
To ensure that business owners can effectively manage their energy usage and payment plans, Powernow.io features a user-friendly dashboard. This platform allows users to monitor their energy consumption, view payment plans, and receive maintenance notifications.
“We understand that maintenance is crucial,” Michael emphasizes. “Our installations come with warranties, and we have engineers who check the solar setups regularly to ensure everything is functioning optimally.”
Navigating Challenges
Like any startup, Powernow-Paylater faced challenges, particularly regarding the maintenance of solar installations during the payment period. Some businesses encountered issues due to improper equipment usage, which could lead to dissatisfaction and payment delays.
“When we receive reports that something isn’t working, our engineers investigate,” Michael explains. “Often, the problems arise from businesses using equipment that exceeds the capacity of their solar setups. By addressing these issues promptly, we can maintain customer confidence and ensure they continue their payments.”
Looking Ahead: The Future of Green Energy in Nigeria
As Michael Olaitan looks to the future, he is optimistic about the potential of green energy in Nigeria. “We have an abundance of sunlight, and the transition away from fossil fuels is essential for reducing our carbon footprint,” he asserts. He cites recent reports that indicate a growing number of Nigerians are receiving improved power supply, signaling a shift towards better energy access.
“The future lies in ensuring that more households and businesses are powered by renewable energy,” he concludes.
Michael Olaitan’s journey from fintech to renewable energy exemplifies the power of innovation and adaptability. By leveraging his background and experiences, the founder and him, have created a transformative platform that not only addresses the energy challenges faced by small businesses in Nigeria but also contributes to a more sustainable future.
As we move forward, the message is clear: the future of energy is bright, and with platforms like Powernow-Paylater it’s shining ever more brightly for those who truly need it.
For more insights into Michael Olaitan’s journey and the vision behind Powernow-Paylater, you can visit his personal website; michaelolaitan.com and learn more about the company at Powernow.io. And for the full interview on TVCconnect, Watch here: Wakeupnigeria
With leaders like Michael Olaitan at the helm, the future of renewable energy in Nigeria looks promising. The commitment to sustainability and innovation is paving the way for a cleaner, more efficient energy landscape, ensuring that small businesses have the power they need to thrive in an ever-evolving world.
