Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, and VBank, a leading digital bank powered by VFD Microfinance bank, have joined hands to facilitate vehicle purchase loan within 48 hours.
As a result, auto buyers are now able to access loans with the most competitive interest rates to purchase their desired vehicles.
Speaking during a press conference held at VFD Microfinance Bank’s office, Elephant House, Marina, Lagos on Wednesday, Autochek West Africa Senior Vice President, Mayokun Fadeyibi said the latest offering resulted from a long series of conversation between the Autochek and VFD MFB teams.
According to her, interested customers can simply log on to the companies’ websites, see the vehicle they are interested in and complete the application by providing all the required information and necessary documentation.
She explained: “Autochek wanted to create a product that would make most of its combined expertise to deliver real change in how people across Nigeria access financing for their vehicles.
‘’As part of the unique loan and origination partnership, Autochek has developed an algorithm based on Vbank’s underwriting process to guarantee that customers receive an approved offer from Vbank within two days of application. The key value proposition for us is that customers can come into the websites, see the vehicle they are interested in; complete the application by simply providing all the required information and necessary documentation.
“By combining Autochek’s data-driven process and Vbank’s competitive interest rates, customers can easily access the best auto loan packages.’’
To this end, Mayokun expressed a confidence that the quick loan offer would assist more people to acquire their desired vehicles; a development he believes would catalyze more growth across the automotive sector.
Also speaking, the 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. It ensures that those areas where we do not have competence like certifying the vehicle worthy, insurance and facilitating recovery, we have a partner who can solve the problem. Partnership with Autochek makes the risk assessment a lot easier and quicker. The journey from identifying the vehicle they want to actually driving it become shorter because we can do what we are good at, which is financing.
“Vbank provides a streamlined digital and mobile banking experience, enabling easier access to a wide range of financing 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.’’
‘‘Additionally,’’ he said, ‘’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.’’
Vbankis the leading digital banking app that provides seamless access to competitive interest rates and several financing 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.
On its part, Autochek, an automotive technology development company building the infrastructure to make car ownership more accessible and affordable in Africa, has over 1,500 dealers and workshop locations. It is also in partnership with over 70 banking institutions with active operations in East, West and North Africa respectively.
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.
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