VBank, a foremost digital banking App has formed offtaking partnership with AUTOCHEK to guarantee underwriting process for customers loan application process to deliver requisite financing to customers within 48hours of loan origination process.
Indeed, the partnership will create the first auto-loan securitization process in subsaharan African while improving the overall efficiency of individuals businesses with automated loan process that will ultimately enhance the overall experience to improve business models, efficiency and cash flow.
The company also affirmed that part of the unique loan origination and offtaking partnership, enabled Autochek to developed an algorithm based on Vbank’s underwriting process to guarantee that customers receive an approved loan offer from Vbank within 48 hours of application.
According to the company, this would provide a streamlined digital and mobile banking experience to enable easier access to a wide range of financial services for users adding that the partnership would streamline the loan origination process, with all paperwork and documentation running through an automatic underwriting algorithm for loan processing.
Speaking on the partnership, Senior Vice President, West Africa at Autochek, Mayokun Fadeyibi, said, “We are really excited to unveil this game-changing product, which is the result of a long series of conversations between the Autochek and VFD teams.
He posited that we wanted to create a product that would make the most of our combined expertise to deliver real change in how people across Nigeria access financing for their vehicles.
He said by combining VFDs exciting range of financing products with our process, we are confident that we will be able to connect more customers to the financing they need to access the vehicles they desire, which should in turn catalyze more growth across the automotive sector.” he averred
On his part, Managing Director, VFD Microfinance bank, Gbenga Omolokun said: “Empowering individuals with the resources they require to reach their goals is at the core of what we do as a bank.
He stated that the partnership was a great fit to help us provide access to the requisite financing to customers who require it. Additionally, providing financing opportunities to businesses helps them reduce the amount of cash tied up in vehicle finance, which improves cash flow and helps these businesses grow faster. We have disbursed a substantial amount so far and look forward to seeing this grow.
