Stanbic IBTC Bank, in collaboration with auto technology firm Autochek, has set an ambitious target of disbursing N100 billion in auto loans by the end of the year, signaling a significant push to democratize car ownership across Nigeria. This announcement, made during a formal Memorandum of Understanding signing at Stanbic IBTC’s Lagos headquarters, underscores the partnership’s rapid growth and its impact on the Nigerian automotive landscape.
Since its inception in August 2024, the partnership has already facilitated over N4 billion in loan disbursements, a testament to the pent-up demand for accessible and affordable vehicle financing. “Our goal is to empower individuals, businesses, and communities to thrive and to have better mobility options,” stated Wole Adeniyi, Chief Executive of Stanbic IBTC Bank. “At Stanbic IBTC, we recognize that transportation is a fundamental need that directly influences economic progress.”
The partnership’s success lies in its streamlined, digital approach. As Olu Delano, Executive Director, Personal & Private Banking, Stanbic IBTC Bank, explained, “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.” This digital efficiency is crucial in a market where traditional loan processes can be cumbersome and time-consuming.
I’ve observed that the key here is not just about numbers, but about the human element. For many Nigerians, owning a car represents more than just transportation; it signifies progress and opportunity. By offering competitive interest rates and flexible repayment plans, Stanbic IBTC and Autochek are making this aspiration a reality for a broader segment of the population, particularly the middle market.
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“We are incredibly excited about the tangible impact of our collaboration with Autochek,” Delano added, highlighting the partnership’s role in “lowering the barriers to car ownership.” The focus on the middle market, characterized by salaried individuals and consistent business owners, is a strategic move to tap into a demographic with stable income and a strong desire for vehicle ownership.
Mayokun Fadeyibi, Chief Operating Officer of Autochek, emphasized the transformative nature of the collaboration. “Our collaboration with Stanbic IBTC Bank has revolutionised the car-buying experience in Nigeria,” he said. “By leveraging technology and strategic partnerships, we have made car ownership more accessible, convenient, and transparent.”
This partnership is not merely about financial transactions; it’s about addressing a critical need in a developing economy. Reliable transportation can significantly improve access to employment, education, and healthcare, thereby contributing to overall economic and social development. As Adeniyi noted, “By enabling easy access to vehicle financing, we are not just supporting individual aspirations but also contributing to national development.”
The ambition to reach N100 billion in disbursements by year-end is a bold one, but given the partnership’s early success and the growing demand for vehicle financing, it appears achievable. “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,” Adeniyi projected.
Looking ahead, both Stanbic IBTC and Autochek are committed to scaling their operations and exploring new avenues to enhance their offerings. “There is still more work to be done, and we are excited about exploring new ways to enhance our offerings and impact more lives,” Adeniyi concluded. This commitment signals a long-term vision to not only facilitate car ownership but also to drive sustainable growth in Nigeria’s automotive industry.
