Stanbic IBTC Bank has announced an ambitious target to disburse N100 billion in auto loans by the end of 2025 to strengthen its partnership with Autochek, a leading automotive technology platform.
The bank disclosed this at the signing of a Memorandum of Understanding (MoU) between the two partners at its head office in Lagos.
The collaboration, which aims to provide affordable and flexible vehicle financing solutions, has already facilitated over N4 billion in loans since its inception in August 2024 with an additional N1 billion in deals currently being processed.
Speaking at the signing ceremony, Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, emphasized the bank’s commitment to expanding access to car ownership for Nigerians.
“By the end of this quarter, we are targeting N10 billion. But we expect that by the end of the year, we should be approaching N100 billion in disbursed loans. Our goal is to empower individuals, businesses, and communities by making vehicle ownership more accessible. At Stanbic IBTC, we recognize that transportation is a fundamental driver of economic progress,” Adeniyi stated.
He further highlighted that the initiative aligns with the bank’s broader strategy of supporting economic growth and enhancing mobility options for Nigerians.
The partnership operates through an end-to-end digital lending platform, where prospective car buyers can apply for financing through Autochek’s platform. The system integrates Stanbic IBTC’s credit assessment algorithms, ensuring a seamless loan approval process tailored to applicants’ financial capabilities.
Olu Delano, Executive Director of Personal & Private Banking at Stanbic IBTC, reiterated the bank’s focus on customer-centric solutions.
“This collaboration has significantly lowered the barriers to car ownership, making it a reality for many Nigerians. We remain committed to providing innovative financial solutions that cater to the evolving needs of our customers while supporting the long-term growth of the automotive sector,” Delano said.
The auto loan facility is targeted at salary earners, business owners, and sole proprietors with verifiable and stable income streams.
Once approved, customers can purchase vehicles from a vast dealer network while benefiting from competitive interest rates and flexible repayment plans.
Mayokun Fadeyibi, Chief Operating Officer of Autochek, highlighted how the partnership is leveraging technology to revolutionize car financing in Nigeria.
“By combining Stanbic IBTC’s financial strength with Autochek’s digital platform and vast dealership network, we have made car ownership more accessible and convenient. Customers can walk into a dealership, select a vehicle, and receive an instant loan offer,” she explained.
She further added that during the lifetime of the loan, customers would benefit from an ownership management scheme, ensuring proper servicing and maintenance of financed vehicles.
As the automotive sector continues to evolve, Stanbic IBTC and Autochek are positioning themselves as key players in bridging the financing gap for car buyers in Nigeria. With its N100 billion loan target, the partnership is set to reshape vehicle financing, providing Nigerians with more accessible, affordable, and digitally-driven auto loan solutions.
