A top financial institution in Nigeria, Stanbic IBTC Bank, has partnered with Autochek, an automotive technology firm, to facilitate accessible and affordable car ownership in Nigeria.
This vehicle-financing collaboration combines Stanbic IBTC Bank’s extensive financial expertise and network with Autochek’s cutting-edge technology platform and robust dealer distribution network; streamlining the car-buying process and making it more accessible and affordable for Nigerians.
The car financing programme offered through this strategic alliance provides several key advantages for customers including competitive interest rates that enhance affordability, as well as flexible repayment plans.
Within six months, the collaboration has disbursed over N4 billion in loans since its inception in August 2024 furthering empowering numerous individuals to purchase their desired vehicles.
According to the company, there are approximately N1 billion in deals that are currently being processed.
The partnership is poised for continued growth and impact on the Nigerian automotive landscape, according to Mr Olu Delano, Executive Director, Personal and Private Banking at Stanbic IBTC Bank.
He made this known while speaking at the media parley held in Lagos to engage stakeholders in the industry.
“We are incredibly excited about the tangible impact of our collaboration with Autochek. This partnership has significantly lowered the barriers to car ownership; making it a reality for many Nigerians. At Stanbic IBTC Bank, we are dedicated to providing innovative financial solutions that cater to the evolving needs of our customers.
“We are committed to the long-term success of this partnership and its contribution to the growth and development of Nigeria’s automotive industry,” he added.
On her part, Ms Mayokun Fadeyibi, Chief Operating Officer at Autochek, highlighted the transformative nature of the partnership.
“Our collaboration with Stanbic IBTC Bank has revolutionised the car-buying experience in Nigeria. By leveraging technology and strategic partnerships, we have made car ownership more accessible, convenient, and transparent.
“We share Stanbic IBTC Bank’s commitment to driving growth in the automotive sector and look forward to expanding the reach and impact of this partnership.”
The partnership comes with a swift and efficient application process, that will allow customers to enjoy a smooth and convenient experience.
Also, Autochek’s platform and extensive dealer distribution network give customers access to various vehicles, ensuring they can find the perfect car to meet their needs.