Finance Models for Rural Electrification from Renewable Energy Schemes *T. M. John 1 , E.G. Ucheaga 2 , H.E. Orovwode 1 , S. T. Wara 1 1 Department of Electrical and Information Engineering Covenant University Ota, Nigeria 2 Department of Banking and Finance Covenant University Ota, Nigeria *Corresponding author: temitope.john@stu.cu.edu.ng ABSTRACT This paper explores different payment models for Renewable Energy (RE) schemes that have been implemented in different rural, urban and peri - urban areas in Sub-Saharan Africa. We discuss their mode of operations, successes accrued and challenges encountered. We give reasons why some have failed while others still exist and are growing stronger. The paper proffers solutions to the challenges and provides alternate models that could be adopted. The importance of providing sustainable payment models is that it would allow for the wide spread adoption/acceptability of renewable energy technologies and also ensure that RE service providers are well advised on the advantages involved in engaging with the rural poor, who are low income earners and at the bottom of the income pyramid. INTRODUCTION According to [1], Renewable Energy (RE) has at links to at least 10 out of the 17 Sustainable Development Goals. The Sustainable Development Goals developed by the United Nations in 2015 contains 17 different goals bothering around combating climate change, improving healthcare and education, ending poverty and hunger, gender equality and access to clean and sustainable energy [2]. Increasing access to energy especially via renewables is the key to solving many of these goals. The answer to the question, why Renewables, can simply be answered by stating that Africa is blessed with abundance of Renewable Energy potentials from solar, wind, geothermal, hydro, bioenergy and marine [3], and the proper utilization of these resources would translate Africa into energy sufficiency whilst also protecting the environment. Financing Renewable Energy projects in Africa would have a number of effects on the African people. One is that it would lead to more economic productivity because of the increase in energy supply [3], the second reason is environmental protection, even with the increased