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A loan helped to provide life-changing clean cookstoves and solar lamps through innovative financing to rural Kenyans.
Billions of people worldwide need a safer and healthier way to cook. Women spend hours collecting fuel and cooking on inefficient fires. Rural and semi-rural populations can spend up to 30% of their income on fuel. For light, an estimated 1.2 billion people were living without electricity.Solution
EcoZoom is a social enterprise based in Kenya that designs, manufactures and distributes fuel efficient cookstoves and solar powered lighting. Their cookstoves reduce fuel costs by up to 70%, harmful emissions by up to 60% and their solar lights completely eliminate the need for kerosene. The solar lights also enable people to stay connected with mobile phone charging and FM radio.Loan Use and Impact
EcoZoom is an old Field Partner. They did not default on any loans; however, the credit program they were running was not working for them internally. They came to the DSE Program to find capital that they could use more efficiently. With this loan, EcoZoom can purchase 15,000 solar lighting systems which will provide clean energy to more than 40,000 people in East Africa. EcoZoom sells these systems through partner organizations like micro-finance institutions and saccos. These partners offer payment plans to their customers who cannot afford to pay the full price upfront.