Paynergy, provides a new way for people to pay their energy bills


Over the years in Nigeria, PHCN has claimed to have faced the problem of revenue collection, hence, the introduction of prepaid meters in 2006.
Prepaid meters can sometimes be an inconvenience for some customers who try to purchase energy units and as such a market has opened for players seeking to serve these customers.
As young professionals, Chiedozie Akwiwu and Akinyele Tobi said they noticed that demand for prepaid recharge grew at a wide pace as more Nigerians got their meters. He goes on to mention how they would have to join a long queue sometimes for their tokens to be generated. 
That was a driving force that made them get together to start something for the young, active crowd that works with their lifestyle and provided the speed and efficiency required.
In 2018, the pair toyed with the idea while they did an intense study of the space. Then they built an online platform, Paynergy, to allow households and businesses to pay for electricity bills with no hassle.
Akwiwu, an energy enthusiast, is the chief executive officer of the startup. He has an accounting background with over ten years of experience in agriculture, construction, and real estate; Tobi, on the other hand, has an extensive background in user experience design and corporate branding. He acts as the CTO of Paynergy, handling product development.
Designed with flexibility in mind, Paynergy lets customers have a bouquet of energy services and plans that can be paid for and tracked in one space.
Alongside the above value proposition, Paynergy also lets users plan for their utility payments on a daily, weekly, or monthly basis, and also track their spending. Users can also use USSD to recharge, monitor usage, and track payment history.
According to Tobi, they saw a market that needed more so they included gas and diesel to their offerings and began testing. The market response was amazing and we officially launched. As such they pride themselves as the very first energy payment platforms that provides everything in one place, in one platform. Their competitors, they say, offer these values separately.
Paynergy’s business model entails three core units – the supplier, the customer, and the vendor.
The suppliers are the gas and diesel companies, and the electricity distribution sector that supply these energy sources to the end customers.
The customers then make requests and have these products delivered to them.
The vendors, on the other hand, are agents who sell these products and earn money while doing so. They curate their own customer base and service them through the Paynergy platform.
“We think our model is sustainable because suppliers want to make money and are ready to offer premium services anywhere there is a customer base. The vendors are human marketers and generate sales in areas where our platforms are not easily accessible due to technological constraints,” Akwiwu says.
Akwiwu goes on to point out that the Abuja-based startup is currently pulling through with personal funds while actively searching for investors. Noteworthy is the fact that in the last few months, the startup claims to have achieved profitability as well as seen at least 200 customers come in every week.
“We have risked with our own funds and the returns — estimated and current — have been looking amazing. We understand, more than anything, that regardless of how great an idea is, it is expected to make profits and we took our time to research and develop before launching, to achieve this.”
Paynergy is also keen on channeling its efforts into collaborating with companies with similar offerings because there seems to be enough room to grow in the electric meter industry.
“We know that there are areas we haven’t even begun to explore and look into, solutions we haven’t started to create,” Akwiwu says.
Offering electricity, gas, and diesel to its growing list of trio customers, the startup has major plans of incorporating renewable energy once it stabilizes its current offerings.
Most importantly, as the founders' remark, is that as the energy industry in Africa is finding creative solutions to its problems, Paynergy is aiming to become an all-encompassing company that links these solutions, the providers, and the customers.

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