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Tuesday, June 27, 2017

MTN, Lumos partnership attracts $80m Y’ello Box investment to Nigeria

In partnership with MTN Nigeria and the Overseas Private Investment Corporation of the United States (US) Government, Lumos said it has committed $80M to deployment electricity in Nigeria, otherwise known as Y’ello Box, reports ITRealms.

Half of the $80m, ITRealms gathered, has already been invested in a new solar electricity service culminating in the employment of some 450 people under Nigeria Lumos, including technicians, engineers and a large sales force.

Revealing these, Yuri Tsitrinbaum, the CEO of the Lumos Mobile Electricity Service, told ITRealms that there are ambitious plans to grow and provide power to 1m Nigerians by the end of 2017.

ITRealms reports that Y’ello Box is a solar electricity system that officially launched earlier this year and allows families and business owners to harness the power of the sun cheaply and efficiently, in a way we’ve never seen before.

According to Yuri, in homes, clinics, schools and businesses across Nigeria, people are running fans, charging phones, watching TVs and lighting rooms, all using affordable, reliable, clean electricity.

“The Y’ello Box is already powering the lives and businesses of more than one hundred thousand Nigerians,” the CEO said.

Designed and operated by Lumos Mobile Electricity Service, the Y’ello Box provides electricity to customers 24 hours a day, which people pay for using their MTN mobile phone.

“People don’t have access to the power they need. Fuel is very expensive and other services are unreliable. The Y’ello Box saves customers money all while providing better and more reliable electricity. As Nigeria modernizes, our demand for power increases. It’s time we did more to harness the power of the sun. That is why the Y’ello Box is changing so many lives. It is affordable, it is reliable and paying by mobile phone makes it easy,” Tsitrinbaum said.


Chuks Egbune/GEE
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