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

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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.
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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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Meta, FMCIDE Unveil AI Accelerator to Drive Innovation in Nigeria

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Meta, in collaboration with the Federal Ministry of Communications, Innovation & Digital Economy (FMCIDE), has launched the Llama Impact Accelerator Program to foster AI-driven solutions across critical sectors in Nigeria.

The eight-month program will support early-stage startups developing AI innovations using Meta’s open-source Llama models. Target sectors include Agriculture, Security & Safety, Healthcare, and a wildcard category for other high-impact applications.

Speaking at the launch, Sade Dada, Head of Public Policy, Anglophone West Africa at Meta, emphasized the initiative’s role in advancing Nigeria’s digital ecosystem. “We are thrilled to partner with FMCIDE in supporting local AI talent. Open-source AI should be accessible and relevant to national challenges,” she said.

The program will begin with a six-week incubation period, offering technical training and mentorship from industry experts, followed by six months of extended support, including access to technical resources.

Minister of Communications, Innovation & Digital Economy, Dr. ‘Bosun Tijani, hailed the initiative as a “major step forward” in Nigeria’s AI development strategy. “AI will be a key driver of national growth, and this program equips innovators with the tools to tackle pressing issues,” Tijani stated.

The Llama Impact Accelerator aligns with Meta’s broader mission to democratize responsible AI access while fostering innovation in emerging markets.

In collaboration with academic and government stakeholders, the initiative is expected to accelerate Nigeria’s AI industry and drive impactful change.

Applications for the program remain open until June 27, 2025. More details can be found at llamaimpactssa.splashthat.com.


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Nigeria Leads the Charge in Green Innovation @MTN’s Africa PachiPanda Challenge

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In an era where climate change, youth unemployment, and food insecurity loom large over the continent, a powerful new force is rising — young African innovators building a green future from the ground up.

At the just-concluded Africa PachiPanda Challenge 2024, organised by MTN and WWF (World Wide Fund for Nature), Nigerian entrepreneur, Olabisi Rafatu Emmanuel, emerged as one of the continent’s top eco-champions, spotlighting the potential of purpose-driven innovation to rewrite Nigeria’s climate and development story.

While Moses Afopezi of Cameroon took home the top prize with AgricFresh, a smart solution combating post-harvest loss, Olabisi’s reusable menstrual products solutions as a waste transformation model earned her national applause and a seat at Africa’s sustainability table, emerging as the second-place winner.

Speaking during the announcement, MTN’s leadership underscored that this challenge goes far beyond accolades. “Together, we have the power to shape a greener, more sustainable Africa — one bold idea at a time,” Nompilo Morafo, Group Chief Sustainability and Corporate Affairs Officer, MTN, said.

The triumph comes at a time when Nigeria is grappling with the environmental menace of climate change in major urban hubs like Lagos, Abuja, and Port Harcourt, even as the Nigerian government is clamouring for smart innovations to address climate change issues such as climate funding, carbon trading and just energy transition.

The National Environmental Standards and Regulations Enforcement Agency (NESREA) recently reiterated calls for tech-based waste management solutions – making Olabisi’s innovation timely and impactful.

MTN says this is just the beginning. With plans to expand the PachiPanda Challenge to more countries and deepen support for eco-entrepreneurs, the telecoms giant is reaffirming its commitment to socio-economic development through green innovation.

As Nigeria sets its sights on achieving the Sustainable Development Goals by 2030, the PachiPanda story is a timely reminder that the answers may lie not in government halls – but in the dreams and drive of Nigeria’s young changemakers.


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Zinox Technologies Collaborates with FGN for VivaTech Paris 2025

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In what could be a turning point for Nigeria’s global tech ambitions, Zinox Technologies, a strategic integrated tech solution company and pride of Nigeria ICT ecosystem has been officially invited to represent Nigeria at VivaTech Paris 2025, one of the world’s largest technology and innovation events.

The invitation, extended in partnership with Nigeria’s Federal Ministry of Communications and Digital Economy, is seen as a strategic endorsement of Zinox’s over two decades track record of delivering digital infrastructure, innovation, and enterprise solutions across the country for government, corporates and homes including some African countries.

The four-day event, taking place from June 11–14, 2025, is a major fixture in the global tech calendar, drawing startups, corporates, investors, and tech leaders from across the world. Zinox is expected to engage with international players at its assigned booth while showcasing flagship projects and solutions that reflect Nigeria’s evolving digital capacity.

“Zinox represents the kind of indigenous innovation the world needs to see more of — practical, scalable, and deeply rooted in local challenges,” said one of the international event leads, who confirmed their excitement about Zinox’s participation. “It’s a unique opportunity to place African tech at the centre of global conversations.”

From Local Execution to Global Attention

Zinox’s reputation has largely been built on its ability to execute high-impact, often mission-critical tech projects for both public and private sector players. The company is known for powering most government and corporate sector tech infrastructure rolling out the most integrated ICT projects and partnering global manufacturers with it’s iPower renewable energy solutions. Zinox is credited with transitioning Nigeria from analogue to digital democracy, amongst many other critical projects for companies like Chevron, Shell, FIRS, CBN, NPC, and educational institutions just to mention a few.

Its inclusion at VivaTech reflects growing international curiosity about Nigeria’s digital innovation and infrastructure story, particularly from brands that have built success indigenously.

Konga, the e-Commerce Engine, Joins the Spotlight

In an interesting strategic angle, Zinox will also showcase Konga, the composite e-commerce group it acquired in 2018. The move united two major tech forces under one umbrella and enabled a fusion of logistics, fintech, and commerce with Zinox’s core technology expertise.

Since the acquisition, Konga has benefited from infrastructural reinforcements, platform upgrades and supply chain optimization, becoming Nigeria’s most efficient digital marketplace.


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