-2.1 C
New York City
Thursday, December 8, 2022
Home NEWS Nigeria Autochek, VBank Partner to Offer 48-Hour Vehicle Purchase Loan

Autochek, VBank Partner to Offer 48-Hour Vehicle Purchase Loan


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.

L-R Olajide Ademolakun, Chief Financial Officer, Autochek, Ebere Ahaotu, Senior Product Manager, VBank, Ugochi Nwabuwa, Sales Lead, VBank, Dr.Mayokun Fadeyibi, Senior Vice President, West Africa, Autochek, Gbenga Omolokun, Managing Director, VFD Microfinance bank, Mohammed Iyanu, Senior Vice President, New Markets, Autochek, Nizar Abdallaoui Maane, Senior Vice President, Francophone Africa, Autochek during the announcement of Partnership between Autochek and VBank

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.

©Copyright MOTORING WORLD INTERNATIONAL. All rights reserved. Materials, photographs, illustrations and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior written permission from Motoring World International


Most Popular

Volkswagen CEO to Present Software ‘Reality Check’ To Board

Volkswagen's (VOWG_p.DE) CEO will outline a new software and vehicle platform strategy to the carmaker's supervisory board on Dec. 15 as he tries to...

Toyota Set for 2023 Dakar Rally With Three-Car Team

TOYOTA GAZOO Racing is set to take on the 2023 Dakar Rally with a three-car team early in January. The defending champions, Nasser Al-Attiyah and...

New Fully Electric Volvo C40 Recharge Heads for South Africa

The new fully electric C40 Recharge is scheduled to join Southern Africa’s range of electrified vehicles in the first half of 2023. Offering many of...

Hyundai IONIQ 5 Wins Car of the Year Award

The 2022 Hyundai IONIQ 5 has earned Esquire’s Car of the Year this month, adding another coveted award to its growing trophy case. Every year, Esquire editors drive and...
%d bloggers like this: