Stanbic IBTC Bank said it has partnered with Autochek, an innovative automotive technology firm, to facilitate access to car ownership in Nigeria.
This collaboration according to the bank has led to the disbursement of over N4 billion in loans since its inception in August 2024, empowering numerous individuals to purchase their desired vehicles.
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.
With approximately N1 billion in deals that are currently being processed, the partnership is poised for continued growth and impact on the Nigerian automotive landscape.
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Olu Delano, Executive Director, Personal & Private Banking, Stanbic IBTC Bank, said, “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.”
Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).
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