Digital bank Vbank and automotive technology company Autochek have partnered to provide quicker and easier auto loans to customers in Nigeria.
With their new loan origination and offtaking partnership, the companies will give you an answer to loan applications within Two days and will offer competitive rates of interest, according to an Aug. 25 pr release.
\”We desired to produce a product that will make the most in our combined expertise to deliver real alternation in how people across Nigeria access financing for their vehicles,\” Autochek Senior Vice President, West Africa Mayokun Fadeyibi said in the release.
An algorithm from Autochek speeds the handling of customers' documentation and the loan processing, while the range of financing products offered by VFD Microfinance Bank, which powers Vbank, provides access to competitive interest rates, based on the press release.
\”Additionally, providing financing possibilities to businesses helps them lessen the sum of money tied up in vehicle finance, which improves cash flow and helps these firms grow faster,\” VFD Microfinance Bank Managing Director Gbenga Omolokun said in the release.
Beyond this, Autochek and Vbank also intend to create an auto loan securitization product.
The announcement of the partnership comes about 4 months after Autochek acquired Moroccan automotive technology startup KIFAL Auto included in a plan to grow into North Africa.
Read more: Autochek Adds KIFAL Auto To Expand Into North Africa
Five months before that, Autochek announced the launch of a dedicated new cars section on its website and mobile app, allowing customers in East and West Africa to access a variety of digital financing options to purchase new vehicles.
See also: Car Loans Marketplace Advances Automotive Commerce Across Africa
\”With traditional application for the loan systems, you make one application and select the bank you want to affect,\” Autochek CEO Etop Ikpe told PYMNTS at that time in an interview. \”[But] in our case, you make one application, also it goes to all of the banks and they have a chance to make you an offer.\”
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