Vbank, a leading digital bank that is powered by VFD Microfinance Bank, and Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, have joined forces to launch a unique loan origination and offtaking partnership that makes it easier and quicker for customers to access loans with the most competitive interest rates to purchase their desired vehicles.
As part of the unique loan origination and offtaking partnership, Autochek has developed an algorithm based on Vbank’s underwriting process to guarantee that customers receive an approved offer from Vbank within 48 hours of application. Customers simply need to provide all the required documents and information. Combining Vbank’s competitive interest rates and Autochek’s data-driven process, customers can now easily access the best auto loan packages.
Vbank provides a streamlined digital and mobile banking experience, enabling easier access to a wide range of financial services for users. This partnership streamlines the loan origination process, with all paperwork and documentation run through an automatic underwriting algorithm for loan processing. This automated process improves the efficiency of the loan process and ultimately enhances the overall experience for individuals and businesses. The goal is to continue to build on this to create the 1st Autoloan securitization product in sub saharan Africa.
With Africa’s largest population and a growing middle class, Nigeria represents one of the most viable automotive markets on the continent. However, a fragmented marketplace means stakeholders are often working in silos which leads to various inefficiencies across the value chain. Autochek is bringing together all relevant stakeholders to improve the automotive finance value proposition in Nigeria and across the continent to drive shared value for consumers, manufacturers, financial institutions and other stakeholders.
Senior Vice President, West Africa at Autochek, Mayokun Fadeyibi, said, “We are really excited to unveil this game-changing product, which is the result of a long series of conversations between the Autochek and VFD teams. We wanted to create a product that would make the most of our combined expertise to deliver real change in how people across Nigeria access financing for their vehicles. By combining VFDs exciting range of financing products with our process, we are 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 catalyze more growth across the automotive sector.”
On his part, Managing Director, VFD Microfinance bank, Gbenga Omolokun said: “Empowering individuals with the resources they require to reach their goals is at the core of what we do as a bank. Therefore, this partnership was a great fit to help us provide access to the requisite financing to customers who require it. Additionally, providing financing opportunities to businesses helps them reduce the amount of cash tied up in vehicle finance, which improves cash flow and helps these businesses grow faster. We have disbursed a substantial amount so far and look forward to seeing this grow”.
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About Autochek
Autochek is an automotive technology development company building the infrastructure to make car ownership more accessible and affordable in Africa. With active operations in East, West, and North Africa, a partner-led retail footprint in over 1,500 dealers and workshop locations, and more than 70 banking partners, Autochek is improving Africa’s automotive finance value proposition by bringing all relevant stakeholders together to enable easier access to more financing options as a catalyst for growth in Africa’s automotive industry.
For more information, please visit: www.autochek.africa
About Vbank (VFD Microfinance Bank)
Vbank is the leading digital banking app that provides seamless access to competitive interest rates and several financial management tools with a smooth banking experience that helps individuals and SMEs grow their wealth and achieve their financial goals. Vbank, Nigeria’s foremost digital bank is powered by VFD Microfinance Bank. VFD MICROFINANCE BANK is a dynamic, Lagos-based financial services institution operating in the microfinance banking sector.
The combined experience of our Management Team and Board of Directors spans over five decades in several banking and finance organizations locally and internationally We are in the business of helping our customers achieve their desires, solve intermittent problems, and create wealth.
This is achieved through high-yield savings accounts and competitive interest on loans. Our brand promise is to ensure the fulfillment of our customer’s goals. Therefore, VFD Microfinance Bank’s financial solutions are designed to address real-life financial problems and to provide needed assistance at the right time.
VFD Microfinance Bank is a limited liability company, regulated by the Central Bank of Nigeria as a microfinance bank. We are headquartered in Marina, Lagos.
