As part of initiatives to support local manufacturing and advance inclusive finance, eQUB Financial Technology has introduced a new financing service designed to give low-income households access to energy-efficient cooking solutions.
- As part of initiatives to support local manufacturing and advance inclusive finance, eQUB Financial Technology has introduced a new financing...
- Households can purchase a domestically made, energy-efficient cooking stove without incurring service fees thanks to the service’s introduction of an...
- Aim to enhance energy efficiency The contemporary cooker, called “Tolo” (meaning “fast”), is locally made and designed to improve energy efficiency.
- Depending on users’ income levels, households can purchase the cooker through flexible savings plans, with contributions beginning at 1,000 birr.
Keep reading for the full breakdown on alexander hizikias equb — everything you need to know is covered below.
Households can purchase a domestically made, energy-efficient cooking stove without incurring service fees thanks to the service’s introduction of an in-kind eQUB-based financing model. Through the Clean Cooking Alternatives Financing Project (CCAFP), the programme is carried out in collaboration with over six domestic and foreign partners.
Aim to enhance energy efficiency
The contemporary cooker, called “Tolo” (meaning “fast”), is locally made and designed to improve energy efficiency. It is anticipated to be introduced more widely in the domestic market and will include a dedicated cooking pot.
Alexander Hizikias, the CEO and co-founder of Equb, stated at the launch event that the initiative aims to promote local production and increase access to clean, reasonably priced cooking technologies, especially for women and low-income communities. He mentioned that there will be no service fees associated with the financing arrangement.
Depending on users’ income levels, households can purchase the cooker through flexible savings plans, with contributions beginning at 1,000 birr.
Government supports
The government has provided the project with workspace and a 2-year tax exemption on imported raw materials used to make the domestic stove. It is anticipated that these incentives will help increase affordability and scale production.
Equb Financial Technology, established in 2020, is the first business in Ethiopia to offer interest-free loans without collateral via a digital platform that combines mobile payments with conventional equb systems. Users can manage their savings and payments online through the company’s partnerships with Telebirr and several commercial banks.
Senior government representatives, development partners such as the Netherlands Enterprise Agency (RVO), and private-sector players involved in inclusive finance and clean energy came together for the launch event.