VFD Microfinance Bank and Autochek, an automotive technology company, have teamed up to facilitate affordable vehicle financing for individuals and businesses in the country.
The partnership was announced at a recent press conference in Lagos.
The Managing Director of VFD Microfinance Bank, Gbenga Omolokun, stated that economic challenges were making many prioritise affordability in their car choices.
He said, “From the ongoing situation with access to foreign exchange and inflation to subsidy removal and other headwinds, these developments have impacted the cost of owning and maintaining vehicles in Nigeria and more citizens are exploring new ways to manage the situation more efficiently.
“At Vbank, our mission has always been to empower and uplift our customers and we are guided by the core principles encapsulated within our brand positioning ‘Enabling you to achieve’. ACHIEVE is an acronym, which captures our key focus areas with the letter V symbolising vehicle/mobility.
“This partnership with Autochek will bring forth a wave of opportunities for businesses and individuals alike, stimulating economic growth and driving progress across Nigeria. With Vbank’s financing options, a 30 per cent equity contribution, and affordable monthly repayments, we aim to not only ease the burden of car ownership but also impact the entire value chain, benefiting dealers, workshops, SMEs, and, most importantly, the consumers we serve.”
He stressed that V Bank was committed to helping its customers achieve their desires and create wealth.
Commenting on the partnership, the Chief Operating Officer at Autochek Marketplace, Mayokun Fadeyibi, said, “Vbank’s commitment to providing affordable financing aligns perfectly with our mission to drive the penetration of car financing across the continent. We are excited to deepen our relationship with this collaboration.
“With our combined expertise, I am confident that we will be able to connect more customers to the financing they need to access the vehicles they desire, which should in turn catalyse more growth across the automotive sector and the economy at large.”