To enhance accessibility to vehicle ownership in Nigeria, Stanbic IBTC Bank has partnered with Autochek, an automotive technology firm, to provide flexible car financing solutions.
The partnership has already facilitated over N4 billion in car loans within six months of its inception in August 2024, targeting 100 billion naira in car loans in one year.
At a media engagement event in Lagos, top executives from both firms highlighted the collaboration’s impact and future potential. The Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, revealed an ambitious target of N100 billion in disbursed car loans by the end of 2025.
“So, by the end of this quarter, we are targeting N10 billion. But we expect that by the end of the year, we should be approaching N100 billion. Our goal is to empower individuals, businesses, and communities to thrive with better mobility options,” Adeniyi stated.
The initiative integrates Stanbic IBTC Bank’s financial expertise and extensive network with Autochek’s advanced technology platform and robust dealer distribution channels, streamlining the car-buying process. Customers benefit from competitive interest rates, flexible repayment plans, and an end-to-end digital application system that assesses creditworthiness instantly.
Executive Director of Personal & Private Banking at Stanbic IBTC, Olu Delano, described the partnership as a game-changer in Nigeria’s automotive sector. “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. We remain committed to providing innovative financial solutions that cater to our customers’ evolving needs,” Delano said.
He further explained that the digital financing platform enables eligible salary earners, business owners, and sole proprietors to seamlessly apply for loans. The system evaluates applicants’ financial standing and structures repayment plans that align with their cash flow.
Autochek’s Chief Operating Officer, Mayokun Fadeyibi, emphasised the transformative nature of the partnership, stating, “By leveraging technology and strategic partnerships, we have made car ownership more accessible, convenient, and transparent. Customers can walk into a dealer’s lot, select a vehicle, and receive an instant financing offer.”
She added that during the loan period, customers would also benefit from an ownership management scheme to ensure proper vehicle servicing and maintenance.
With Nigeria’s automotive industry facing challenges related to affordability and financing, the collaboration between Stanbic IBTC Bank and Autochek is poised to drive significant growth in the sector.
