Stanbic IBTC Bank aims to disburse N100 billion in auto loans by the end of 2025 through its partnership with auto-tech firm Autochek. This was announced during the signing of a Memorandum of Understanding at the bank’s Lagos head office.
The partnership, which began in August 2024, offers affordable car financing with competitive interest rates and flexible repayment options. So far, over N4 billion in loans has been disbursed, with an additional N1 billion currently being processed.
Stanbic IBTC Chief Executive Wole Adeniyi emphasized the bank’s commitment to expanding financial access for car ownership, stating, “By the end of this quarter, we are targeting N10 billion, and by year-end, we expect to approach N100 billion. Transportation is a fundamental need that drives economic progress, and we remain dedicated to providing innovative solutions that enhance mobility and national development.”
Olu Delano, the bank’s Executive Director for Personal & Private Banking, highlighted the digital ease of the process, noting that applicants can apply online, undergo credit assessment, and receive financing tailored to their income. The scheme primarily targets salaried workers, business owners, and sole proprietors with consistent income.
Autochek’s Chief Operating Officer, Mayokun Fadeyibi, described the partnership as a game-changer for Nigeria’s automotive sector, leveraging Stanbic IBTC’s financial strength and Autochek’s technology-driven dealer network. She added that customers would benefit from an ownership management scheme to ensure proper vehicle maintenance throughout the loan period.
With this initiative, the two companies aim to transform car financing in Nigeria, making vehicle ownership more accessible and sustainable.
