New CEO to Lead BrightLife's Growth as a Sustainable PAYGo Solar Business in Africa
KAMPALA, Uganda, Sept. 17, 2020 /PRNewswire/ -- BrightLife, a social enterprise by FINCA International, announced the appointment of Laurynas Vaičiulis as Chief Executive Officer. Vaičiulis will lead BrightLife's operations in Uganda, striving to deliver the most affordable and reliable clean energy products in the country. BrightLife's business model unlocks economic productivity and wellbeing to bottom of the pyramid (BoP) clients through access to energy and financial inclusion.
With over five years of experience in the PAYGo solar sector, FINCA International appointed Vaičiulis because of his deep understanding of the PAYGo value chain, his successful experience leading a PAYGo solar company in Nigeria that is comparable in scale to BrightLife, and his commitment to making the most affordable, highest quality energy products available to BrightLife customers.
"The advent of the COVID-19 pandemic has presented many challenges and taken us back to the drawing board in serving our customer segment, which was the most affected due to the vulnerability to income and other factors," said Mr. Vaičiulis. "However, BrightLife's PayGo solar home system integrates unbanked customers into the financial system by monitoring their credit repayment, which in turn will help them improve and grow their income and develop a credit score that can lead to more inclusive financial services."
BrightLife creates credit profiles for unbanked communities by using PAYGo customer's payment histories. This allows BrightLife to link its customers to a broader set of financial products and services at FINCA Uganda. In doing so, BrightLife is creating a bridge between access to energy and financial inclusion.
"I am very excited to join the team and lead the continued growth of the company's social impact, while ensuring the long-term financial viability of our business model, so that BrightLife can sustainably transform millions of lives in sub-Saharan Africa by transitioning them from darkness to light." Mr. Vaičiulis said.
BrightLife, a social enterprise by FINCA International in Uganda, provides last-mile distribution and end-user financing for basic service products, including solar home systems, improved cookstoves and productive use assets. These life-enhancing products — made affordable to low-income customers through pay-as-you-go financing — help create healthier and safer homes, increase productivity, reduce household expenses and provide additional income-generating opportunities. Through BrightLife, FINCA International pairs access to finance with access to energy to create pathways to financial inclusion for the unbanked. For more information, visit https://brightlifeuganda.com/ or follow us on Twitter @BrightLifeFINCA.
About FINCA International
FINCA International was founded in 1984 on a radical notion: giving small loans to the poor has the power to transform entire communities in a sustainable way. After impacting tens of millions of lives with responsible financial services, we are widening our focus to catalyze further economic growth and alleviate poverty in underserved markets around the world. We remain boldly committed to market-based solutions and are supporting the rise of social enterprises delivering basic service and financial innovation to help low-income families and communities achieve a better standard of living. For more information, visit www.FINCA.org or follow us on Twitter @FINCA.