Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative automotive technology firm, to facilitate access to car ownership in Nigeria.
This collaboration has disbursed over ₦4 billion in loans since its inception in August 2024; empowering numerous individuals to purchase their desired vehicles. With approximately ₦1 billion in deals that are currently being processed, the partnership is poised for continued growth and impact on the Nigerian automotive landscape.
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.
Speaking at the media parley held in Lagos to engage stakeholders in the industry, Olu Delano, Executive Director, Personal & Private Banking, Stanbic IBTC Bank, stated – “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.”
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 car financing programme offered through this strategic alliance provides several key advantages for customers. Highlights include competitive interest rates that enhance affordability, as well as flexible repayment plans. With a swift and efficient application process, customers enjoy a smooth and convenient experience. Additionally, Autochek’s platform and extensive dealer distribution network gives customers access to various vehicles, ensuring they can find the perfect car to meet their needs.
This successful collaboration underscores Stanbic IBTC Bank’s unwavering commitment to providing innovative financial solutions that empower its customers and contribute to Nigeria’s economic growth. The partnership with Autochek epitomises this commitment by simplifying access to essential assets and supporting the development of the automotive industry.
