Benjamin Ufaruna and Asehinde Oladipo met at one of Nigeria’s emerging technology development services companies in Abuja, Tech Crunch reports.
In the hard-charging startup world that the two men entered there was little time to remember the minutiae of everyday life — like paying bills on time. The men rallied utilities in Abuja to start working on the problem. Over the course of 2015, they pitched BuyPower, saying they would handle the cost of rolling out a payment service, all the utilities had to do was integrate with their software.
By April of 2016, the co-founders had a product. Now, the entrepreneurs have 40% of the paid electricity market in Abuja and also have roots in Jos. Buypower is already generating $1 million in revenue a month, by charging utilities a percentage of every power purchase and a 50 cent fee for each transaction. Only available to homes with net metering, who are pre-paying for electricity, BuyPower’s founders are already thinking about next steps and looking to expand into the water business.