When the sun sets on a rural village or an urban neighborhood, darkness falls not just on homes, but on dreams and livelihoods. For countless Nigerian women—caretakers of households, small-scale entrepreneurs, and stewards of their families’ well-being—a single blackout can mean lost income, frustrated children unable to study, and the endless cost of kerosene lamps. Yet today, CREDICORP claims a quiet revolution is under way: solar power backed by consumer credit, unlocking new possibilities for women across Nigeria.

From Flickering Lamps to Flourishing Lives

Meet Amina, a mother of five in a remote community outside Kano. Before, she scraped together pennies each evening to buy kerosene, just to keep the lamps burning until her children finished their homework. Today, with a few naira-a-day repayment plan on a solar home system from CREDICORP’s CALM Fund (Credit Access for Light and Mobility), she powers LED bulbs and a small fan. Her children read under bright light; their eyes no longer clouded by soot. Amina’s daughter now tops her class.

In bustling Lagos markets and dusty village squares alike, other credit-backed women like Amina have found new revenue streams: charging neighbors’ phones for a token fee, running cold-drink stands from solar-cooled fridges, or styling hair under reliable light. These microenterprises don’t just feed families—they anchor entire communities.

Women as the Engine of Energy Justice

Women represent over 70% of Nigeria’s microentrepreneurs. They run catering stalls, hair salons, sewing workshops, and food carts—ventures that require reliable power. Yet high up-front costs and banks’ reluctance to lend leave most with candles and kerosene. Energy poverty punishes the poor disproportionately. According to the World Bank, nearly 65 million Nigerians still lack reliable electricity; women bear the brunt as unpaid household managers and earners.

Consumer credit changes that. By treating solar home systems as accessible products—not distant aspirations—CREDICORP’s CALM Fund bridges the gap between promise and purchase. A N20,000 solar kit becomes a few small installments, unlocking 20–50 minutes a day of power, multiplied across bulbs, fans, and charging ports. That incremental light is transformational: homework completed, shops open after sunset, medicines refrigerated safely.

PowerHer 774 — A National Movement

Building on this momentum, the Ministry of Women Affairs and CREDICORP have launched PowerHer 774, an ambitious drive to empower three million women across Nigeria’s 774 local government areas. Today’s handover in Abuja—200 women receiving solar systems at zero upfront cost—is only the beginning. Each beneficiary accesses a tailored consumer loan, repaid over 6–18 months, with products supplied and installed by local partners. CREDICORP’s Managing Director, Engr. Uzoma Nwagba, puts it plainly:

“We began by financing vehicles so people could move. Now we finance light through women, so households can learn, earn, and breathe clean air. Consumer credit is the tool that turns necessity into opportunity and enables people to live better now.”

Why Scale Matters—and How Credit Multiplies Impact

The statistics are stark. Nigeria’s consumer credit market is just 3% of its GDP, compared to over 50% in peer economies. That leaves a N140 trillion gap in credit needed for everyday life-enhacing goods: energy, mobility, education, home upgrades. Credit is itself a market-creating innovation. When women gain access to a solar kit on credit, they don’t just buy bulbs—they build businesses, establish credit histories, and attract brand-new supply chains. As markets grow, infrastructure follows: more technicians are trained, retail outlets spring up, policy frameworks evolve.

Yet challenges persist. High interest rates, limited last-mile distribution, and scant consumer education can stall even the best-intentioned programs. CREDICORP’s CALM Fund has made a start—but must scale faster, with deeper partnerships across fintechs, cooperatives, and microfinance networks. Could repayment tenors stretch to 24 months to ease cash-flow strains? Might mobile-money integration cut transaction costs, if the regulator makes that process seamless? These are the questions we must ask.

A Word on Leadership and Accountability

President Bola Ahmed Tinubu’s Renewed Hope Agenda rightly spotlights energy security and women’s empowerment. CREDICORP’s role in operationalizing these goals through the C.A.L.M. Fund and PowerHer 774 is a powerful example of policy meeting practice. Yet the scale of need—65 million underserved citizens—means we cannot rest on today’s achievements.

We welcome the President’s intiative, even as we challenge CREDICORP and its stakeholders to go further: to expand credit lines, deepen rural outreach, and refine risk assessments that favor low-income, high-potential women. Success will be measured not only in kilowatts installed but in the quiet hum of fans in a maiden’s tailoring studio, the glow of light under a student’s textbook, and the steady hum of commerce in once-dark markets.

Looking Ahead with Cautious Optimism

Energy poverty is a crisis, but also an opportunity to rewrite Nigeria’s story of growth and inclusion. Consumer credit—especially when channelled through the resilience and ingenuity of our women—is one of our most potent weapons. As PowerHer774 unfolds, we stand at a crossroads: sustain this momentum and watch villages and cities alike transform, or falter and let darkness creep back in.

With informed partnerships, thoughtful policy tweaks, and unwavering commitment, we can ensure that every Nigerian woman—from Lokoja’s market stalls to Lagos’s high-rises—has the power to light her home, ignite her business, and illuminate her future. That is the promise of consumer credit, and that is the path to sustainable living for us all.