This initiative stems from the cost implications of owning and maintaining a vehicle in Nigeria due to recent economic realities such as an increase in the foreign exchange rate, inflation and subsidy removal.
Speaking at a media parley in Lagos, Managing Director, VFD Microfinance Bank, Gbenga Omolokun, said that financing presents a viable option for making car ownership more accessible and affordable, for alleviating various transportation challenges and impacting the whole value chain including dealers, workshops, Small and Medium Enterprises (SMEs), and consumers.
Explaining the process of getting the financing, he said businesses and individuals will now be able to access the bank’s market-leading financing options when they apply for financing for their chosen vehicles.
He said: “They simply need to find the vehicles they want to purchase on Autochek’s online marketplace or via a dealer in the company’s extensive network, submit an application for financing and they will be able to choose the V Bank option once their application has been approved.
“With a 30 per cent equity contribution to the value of the new car and affordable monthly repayments, customers will also be able to access insurance, registration, maintenance, and other value-added services from accredited Autochek partners.”
He stated that the partnership with Autochek will produce opportunities for businesses and individuals alike, stimulating economic growth and driving progress across Nigeria.
Chief Operating Officer (COO), Autochek Marketplace, Mayokun Fadeyibi, said the firm has built the infrastructure to drive the penetration of auto financing across Africa, powered by a data analytics engine that makes it easier to offer credit for automotive purchases.
