Vbank a digital bank powered by VFD Microfinance Bank has partnered with Autochek, an automotive technology firm to make it easier and quicker for customers to access loans at the most competitive interest rates to purchase their desired vehicles.
This partnership, the duo said, 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 first Autoloan securitization product in sub-Saharan Africa,” they said.
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 catalyse more growth across the automotive sector.