KOB vs Step Robotics MoU

Step Robotics, Bank of Khyber Sign MoU to Finance Solar Installations

Islamabad, Pakistan – 23/04/2018 – Step Robotics, a leading global technology provider for the solar energy generation market, is pleased to announce that it has signed a Memorandum of Understanding (MoU) with the Bank of Khyber (BoK) for the financing of solar installations and deployments.

Under the terms of the MoU, which was signed on 17th April, Step Robotics will connect the bank with solar installers and equipment providers through its app and an online Installer Management Portal. This will allow the bank to promote and offer its solar loans to customers through solar installers, who will be able to offer customers information on financing and payback using BoK loans.

The portal will also allow installers to generate a solar production report for the customer and allow the bank to process a customer’s loan application as soon as it is uploaded by an installer.

The collaboration between BoK and Step Robotics is intended to address the lack of customizable financing options for solar customers. Also as the portal and the app can be only used by verified quality installers the system will also ensure that the customer gets the highest standard of advice and service.

“The economic success and prosperity of our country is heavily dependent on the constant availability of energy,” said Step Robotics President Junaid Qazi. “Involvement of respectable financial institutions like Bank of Khyber ensures that alternative means of energy production like solar remain within the grasp of a common man.”

“Solar Energy is by far the most readily available source of clean energy for our region, but it is not adopted by a majority of the population due to the significant upfront investment it requires,” said Asif Naseem, Head of Retail Banking for BoK. “Easy availability of financing options for installing solar systems will encourage a significant chunk of the population to switch to solar.”

Step Robotics is known in the solar market for its fully integrated hardware and software platform called Step Solar, which is presently the most powerful solar shading and site analysis tool in the market. Through its proprietary lens and a free app for Android and Apple, Step Solar can transform most smart phones and handheld devices into a fully integrated, intelligent design-to-procurement solutions for solar owners and installers.

About Step Robotics:

Founded in 2014, Step Robotics (www.steprobotics.com) combines technology innovation, solar industry expertise, supply chain optimization and project finance to help solar system designers, installers, distributors and asset owners streamline their operations and achieve the optimal balance of profitability, performance, and cost.

About Bank of Khyber:

Established in 1991 through an Act passed by the KP Legislative Assembly and awarded the status of a scheduled bank in September 1994, Bank of Khyber is an “A-1” rated commercial bank, operating across Pakistan with a network of 150 branches. The provincial government is the major stakeholder in the bank, which has been actively engaged in catering to the financial needs of all sectors.