CreditChek Leverages AI to Unlock $750M in Solar Financing for Off-Grid Nigerian Households

CreditChek CEO Kingsley Ibe has revealed how the fintech company’s AI-driven solutions are facilitating $750 million in solar energy financing for low-income and off-grid households in Nigeria, in an interview with Justice Okamgba.

Under Nigeria’s $750 million Distributed Access through Renewable Energy Scale-Up (DARES) project, CreditChek is tackling one of the main obstacles to scaling solar access: fragmented data and limited credit histories. Many low-income and off-grid households lack the financial records necessary to qualify for flexible payment plans or low-interest loans.

CreditChek’s AI-powered underwriting platform streamlines this process, assessing loan eligibility within seconds instead of days. It verifies income, analyzes credit histories, and detects potential fraud in real time, providing lenders with the confidence to approve loans quickly and safely. Through a partnership with Bboxx, the fintech enables affordable instalment plans for more households, accelerating solar energy deployment across Nigeria.

By combining traditional and alternative data—such as bank statements, mobile money transactions, utility payments, and telco records—CreditChek’s AI system builds a more accurate picture of creditworthiness. This approach reduces perceived default risks, supports fair pricing, and makes financing accessible to households with informal or irregular incomes.

Having verified over one million identities and facilitated more than $50 million in loans, CreditChek has identified key insights about Nigerian credit behavior: repayment improves when financing aligns with household cash flow, informal earners often demonstrate predictable income patterns, timely reminders reduce late payments, and automated verification reduces fraud.

The CreditChek-Bboxx partnership is central to DARES. Bboxx provides solar home systems, distribution, and customer management, while CreditChek powers underwriting, identity verification, and lender integrations. This synergy enables near-instant loan approvals and broader access for underserved communities.

CreditChek also expands financial access to unbanked households by analyzing alternative signals such as airtime purchases, device usage, and Pay-As-You-Go payment histories. Lightweight KYC flows and human-in-the-loop checks ensure responsible lending, even for customers without formal documentation.

Ethical AI and data use are core to CreditChek’s operations. Minimal data collection, auditable consent, continuous bias monitoring, and adherence to NDPR standards ensure transparency, fairness, and data security. The company also emphasizes clear communication with customers and lenders to build trust in its AI systems.

Looking ahead, CreditChek sees AI, fintech, and renewable energy as transformative for Nigeria’s development, enabling intelligent risk management and unlocking capital for essential services like healthcare, education, and energy. Beyond DARES, CreditChek plans to scale its solutions across Africa, expand lender integrations, and leverage acquisitions to support diasporas and cross-border financial flows, making affordable financing accessible by default.