The Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, has said that the bank has set a target of N100bn in disbursed loans from its partnership with auto technology firm Autochek by the end of the year.
This was disclosed at the signing of a Memorandum of Understanding between the partners on Wednesday at the head office of the bank in Lagos.
Both forms have collaborated to provide customers with affordable and accessible car ownership options. The highlights include competitive interest rates that enhance affordability, as well as flexible repayment plans. This collaboration has disbursed over N4bn in loans since its inception in August 2024, empowering numerous individuals to purchase their desired vehicles. With approximately N1bn in deals that are currently being processed, the partnership is poised for continued growth and impact on the Nigerian automotive landscape.
Speaking at the ceremony, Adeniyi said, “So by the end of this quarter, we are targeting N10bn. But we expect that by the end of the year, we should be approaching N100bn. Our goal is to empower individuals, businesses, and communities to thrive and to have better mobility options. At Stanbic IBTC, we recognise that transportation is a fundamental need that directly influences economic progress. By enabling easy access to vehicle financing, we are not just supporting individual aspirations but also contributing to national development. We remain steadfast in our commitment to providing innovative financial solutions that will drive sustainable growth across the country. Looking ahead, we are determined to scale new heights and set even more ambitious goals. There is still more work to be done, and we are excited about exploring new ways to enhance our offerings and impact more lives.”
Executive Director, Personal & Private Banking, Stanbic IBTC Bank, Olu Delano, in his comment, emphasised the lender’s desire to support its customers on their life journeys, saying, “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 for 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.”
He added that “the partnership is an end-to-end digital solution. You go on the platform, and you apply. We have our algorithm in the background to assess the person’s creditworthiness, and in terms of target audience, it’s for those who are capable of borrowing and repaying. When we look at that, it’s the middle market. If you earn a salary and that salary is consistent, you’ll be one of those who can easily qualify. You can also be a business owner or a sole proprietor; you have some kind of income that is consistent. So just go on the platform and put in your details. We will run the algorithm in the background, and we’ll structure the right package that meets your cash flows to be able to service this on a consistent basis.”
The Chief Operating Officer of Autochek, Mayokun Fadeyibi, said the partnership aims to transform car ownership in Nigeria.
“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. What we’re doing here is combining the financial strength of Stanbic with the technology platform and the vast dealer distribution network that Autochek has, and this ensures that customers can not only go to the platform where they can get an instant offer. But the reality is, you walk into a dealer lot, you look at a vehicle that you want to buy, and you’re able to get an offer right there in the dealer lot.”
She added that during the lifetime of the loan, the customers would benefit from an ownership management scheme to ensure that that asset gets the required servicing.
