Equity bank. [Photo/sabc.co.za]
The American based home solar systems and lanterns supplier, Fenix, has suspended its investments plans in Kenya after it was set to enter into a partnership with Equity bank saying it awaits a clarity on the current political upfront.
Fenix was recently taken over by the French giant ENGIE that has been supplying the financed solar kits to homes in Uganda through a regular payment system that has seen the households make payments via their phones.
The firm has been piloting a program in the rift valley region with the aid of equity bank as it seeks to improve the years sells and supplies to Kenya.
Fenix sales and marketing director for the East Africa Chris Bagnall had earlier said that the assessment of the piloting project was to be completed by August after which they will enter into a deal with Kenya's equity bank.
It was not until during the recent interview that Bagnall noted their final investments decision of the firm will wait for the settling down of the political uncertainty in the country. “Currently our Kenyan expansion remains at assessment stage whilst we monitor the economy in light of recent electoral developments,” quoted Mr Bagnall in an interview by Business daily.