In Nigeria’s vibrant entrepreneurial landscape, women are emerging as powerful drivers of economic growth, breaking barriers and establishing successful ventures across diverse sectors.
As they navigate their entrepreneurial journeys, securing reliable and affordable transportation often becomes a crucial need. Yet, these enterprising women often face formidable challenges, particularly in accessing auto financing.
The growing global and national advocacy efforts for gender inclusion have highlighted the importance of empowering women to reach their full potential. Notably, Nigeria has made significant strides in this regard, ranking fifth globally on the Mastercard Index of Women Entrepreneurs, with an impressive 43.8% of women-owned businesses. These women-owned businesses have substantially contributed to Nigeria’s GDP, and projections indicate that achieving gender parity by 2025 could boost the GDP by a significant 19% ($90 billion), further solidifying the country’s economic growth and development.
Transportation is a critical component of many women entrepreneurs. Having access to reliable vehicles can mean the difference between their business success and stagnation. With a vehicle, women can efficiently transport goods, reach a broader customer base, and expand their operations beyond local markets. Auto financing, therefore, plays a pivotal role in helping women entrepreneurs acquire the right vehicles to support and expand their businesses.
Empowering Women, Driving Growth
In a remarkable move to boost female entrepreneurship and economic empowerment in Nigeria, Autochek Africa, the leading automotive technology company, partnered with VFD Microfinance Bank to provide Nigerian women with easier vehicle access, facilitating their business ventures and promoting economic growth.
The collaboration between Autochek Africa and VFD Microfinance Bank comes at a time when women-owned businesses in Nigeria are significantly increasing, yet still facing substantial barriers to accessing finance. This initiative so far is breaking down these barriers by offering favorable financing options tailored to the needs of women entrepreneurs.
“Autochek’s partnership with VFD Bank enables female-led businesses by providing means to enhance their business operations, broaden their market reach, and significantly contribute to the country’s economic development. This initiative is a testament to the impact of targeted financial products on gender equality and economic growth”, – Mayokun Fadeyibi, Chief Operations Officer, Autochek Africa Marketplace.
Yonodu Okeugo, General Manager, Business Banking and Partnerships, VFD Microfinance Bank, reiterated the bank’s commitment to empowering businesses and individuals, stating “This partnership aligns perfectly with our mission to provide businesses and individuals with the financing needed to purchase vehicles and upscale. This will help them reduce financial constraints and increase cash flow, leading to accelerated business growth.”
Here’s a look at what Nigerian women entrepreneurs are seeking in car financing from the pool of women who have been financed so far.
Competitive Interest Rates: Cost-effectiveness is a major consideration, women entrepreneurs are seeking auto financing options that offer competitive interest rates and clear, transparent cost structures.
Flexible Payment Plans: Payment plans that are adaptable to their business income patterns, making it easier for them to manage repayments without financial strain.
Quick Approval Process: Simple application process with quick approvals.
Comprehensive Support: Beyond financing, women entrepreneurs are looking for auto financing that includes support services like vehicle maintenance, insurance, and timely customer support.
In conclusion, Nigerian women entrepreneurs are not just looking for car loans; they seek comprehensive, flexible, and supportive auto financing solutions that align with their business aspirations and personal needs. It also helps that every car financed by Autochek comes with comprehensive insurance and an annual maintenance plan to keep the worries of car ownership miles away from the customer.
By understanding and addressing the specific needs of women entrepreneurs, the auto financing industry can contribute significantly to the success and growth of women-led businesses, fostering a more inclusive and dynamic entrepreneurial ecosystem in Nigeria
