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VFD and Autochek partner to enable more affordable car financing in Nigeria

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VFD Microfinance Bank, manager of V Bank, Nigeria’s leading digital banking platform, and Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, have joined forces to make it easier for businesses and consumers in Nigeria to access affordable financing for the vehicles they desire.

L-R: Gbenga Omolokun, MD, VFD Microfinance Bank (V Bank); Winifred Allison, Executive Director, Product and Marketing, VFD MFB; Mayokun Fadeyibi, Chief Operations Officer, and Philip Ayere, Senior Credit Manager, both of Autocheck Marketplace, at the press conference to announce the partnership between V Bank and Autocheck, in Lagos, yesterday.

Cars are central to how Nigerians live and work. However, recent economic headwinds have pushed many businesses and individuals to prioritise affordability when considering the cars they would like to purchase. From the ongoing situation with access to foreign exchange and inflation to subsidy removal and other headwinds, these developments have impacted the cost of owning and maintaining vehicles in Nigeria and more Nigerians are exploring new ways to manage the situation more efficiently. Financing presents a viable option for making car ownership more accessible and affordable, for alleviating various transportation challenges and impacting the whole value chain including dealers, workshops, SMEs, and ultimately the consumer.

V Bank is committed to helping its customers achieve their desires and create wealth, and it is on a mission to become the number one provider of microfinance solutions for businesses and individuals in Nigeria. With this partnership, businesses and individuals will now be able to access the bank’s market-leading financing options when they apply for financing for their chosen vehicles. They simply need to find the vehicles they want to purchase on Autochek’s online marketplace or via a dealer in the company’s extensive network, submit an application for financing and they will be able to choose the V Bank option once their application has been approved. With a 30 percent equity contribution to the value of the new car and affordable monthly repayments, customers will also be able to access insurance, registration, maintenance, and other value-added services from accredited Autochek partners.

Similarly, Autochek has built the infrastructure to drive the penetration of auto financing across Africa, powered by a data analytics engine that makes it easier to offer credit for automotive purchases. Customers can get instant financing offers once the necessity criteria have been met. With operations in 9 countries across East, South, West, and North Africa, more than 70 banking partners, and a partner-led footprint of more than 2,000 dealers and workshop locations, the company has unrivaled access to insights on vehicle-related transactions that positions it to develop effective solutions for the continent’s automotive ecosystem.

Commenting on the partnership Mayokun Fadeyibi, COO at Autochek Marketplace, said “Vbank’s commitment to providing affordable financing aligns perfectly with our mission to drive the penetration of car financing across the continent, and we are excited to deepen our relationship with this collaboration. With our combined expertise, I am 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 catalyze more growth across the automotive sector and the economy at large.”

Commenting on the partnership between Vbank and Autochek, the MD, Gbenga Omolokun said:

“At Vbank, our mission has always been to empower and uplift our customers and we are guided by the core principles encapsulated within our brand positioning “Enabling you to achieve”. ACHIEVE is an acronym which captures our key focus areas with the letter V symbolizing Vehicle/Mobility.

This partnership with Autochek will bring forth a wave of opportunities for businesses and individuals alike, stimulating economic growth and driving progress across Nigeria. With Vbank’s financing options, a 30 percent equity contribution, and affordable monthly repayments, we aim to not only ease the burden of car ownership but also impact the entire value chain, benefiting dealers, workshops, SMEs, and, most importantly, the consumers we serve.”

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Galaxy Backbone Deploys Fibre Optic Network in Lagos, Ibadan and Ilorin

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Galaxy Backbone (GBB), the information technology and shared services provider of the Federal Government of Nigeria, has announced the successful expansion of its state-of-the-art fibre optic network to Lagos, Ibadan, the capital of Oyo State in southwestern Nigeria, and Ilorin, capital of Kwara State in the north-central region.

Galaxy Backbone Deploys Fibre Optic Network in Lagos, Ibadan and Ilorin

What is described as a remarkable milestone is part of Phase II of the country’s National Information and Communication Technology Infrastructure Backbone (NICTIB) project.

With a robust cross-country optical fibre backbone now extending over 5,000 kilometres and across 27 state capitals, GBB says it has solidified its role as the digital backbone of Nigeria. This development seamlessly integrates the nation’s six geopolitical zones.

The newly completed Abuja-to-Lagos route, traversing key cities such as Minna, Bida, Mokwa, ilorin, Ogbomoso, Oyo, Ibadan and Lagos, is a strategic enhancement designed to strengthen network reliability. By establishing a closed network ring linking Lagos – the nation’s economic hub – to Abuja, the capital city, GBB says it ensures service redundancy and minimises potential downtime.

Professor Ibrahim A Adeyanju, managing director/CEO of Galaxy Backbone, says: “The expansion of our fibre optic network to Lagos, Ibadan and Ilorin is a significant step forward in our mission to bridge the digital divide and position Nigeria as a leader in the global digital economy. This advanced infrastructure empowers us to deliver innovative, customer-centric solutions that serve the needs of both the public and private sectors.”

He adds: “This expansion not only supports the government’s digital economy agenda but also sets the stage for meaningful collaboration with private sector organisations seeking to leverage our infrastructure.”

 


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NBS Says 25m Phones Stolen in Nigeria in 12 Months

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National Bureau of Statistics (NBS) has reported that over 25 million phone thefts between March 2023 and April 2024, according to its Crime Experience and Security Perception Survey 2024.

NBS Says 25m Phones Stolen in Nigeria in 12 Months

The Crime Experience and Security Perception Survey 2024, indicated that an estimated 17,965,741 people had their phones stolen during the reference period

Phone theft, which is a common individual crime in the country, shows that seven out of every 10 stolen phones happened at home or public places, with a mere 11.7% of people who reported to the police expressing satisfaction with their response.

Less than 10% of the victims of phone theft reported the case to the police, while over 90% failed to report to the police for various reasons.

“At the individual level, 21.4 per cent of Nigerians reported being victims of crime, and the most common crime was phone theft (13.8%),” the report read in part.

 

 

 


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Airtel Once Again Wins Partnership of the Year Award at SERAS 2024

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Airtel Nigeria has once again been recognized for its commitment to sustainable development, carting away the Partnership of the Year award at the 18th edition of the Sustainability, Enterprise, and Responsibility Awards (SERAS) held at the Oriental Hotel, Victoria Island, Lagos, on Saturday, 14th December, 2024.

The award celebrates Airtel’s continued success with its Re-imagine Education Initiative, a ground-breaking collaboration with the United Nations Children’s Fund (UNICEF) aimed at transforming education in Nigeria through technology.

Airtel’s consistent focus on creating social value through strategic partnerships reflects its position as a key enabler of progress in the Nigerian education sector.

Commenting on the award, Femi Adeniran, Director, Corporate Communications and CSR, highlighted the significance of the winning the Partnership of the Year award for the second time with the Airtel collaboration with UNICEF to provide digital access to quality educational resources for more than 1,200 schools in Nigeria.

“Winning this award for the second consecutive year is a reflection of our enduring belief in the transformative power of technology in education. We are deeply committed to making a meaningful difference in the lives of Nigerians, and this recognition fuels our resolve to do even more,” he said.

The SERAS Awards, widely regarded as Africa’s most prestigious platform for celebrating sustainability and corporate social responsibility, brought together leaders from various industries to honour organizations driving impactful change.

Airtel Nigeria remains steadfast in its mission to foster inclusive growth, empower communities, and champion a sustainable future for its stakeholders and the environment.


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