WesBank, a division of FirstRand Bank Limited, has signed a memorandum of understanding (MOU) with the National Automotive Council (NAC) of Nigeria to offer vehicle finance to retail and corporate purchasers. The agreement aims to stimulate the sale of locally assembled vehicles in Nigeria.
The Nigerian government recently restructured their local economy to attract investment from vehicle manufacturers and grow the supply of locally-manufactured vehicles. The agreement with the NAC allows WesBank to work closely with the NAC to develop vehicle financing solutions specifically for those vehicles built in Nigeria with the aim to make them more affordable for the average Nigerian consumer.
“We are delighted that the Nigerian government and NAC have chosen WesBank as their partner of choice,” says Chris de Kock, CEO of WesBank. “Nigeria is the largest economy in Africa and this is an excellent opportunity to grow our footprint on the continent, in line with the FirstRand strategy.”
WesBank is already represented in other African markets including Botswana, Lesotho, Namibia, Mozambique, Swaziland, and Zambia. The move to Nigeria will extend its reach to the northern parts of the continent, presenting an opportunity to participate in some of the larger African economies where, over time, vehicles sales are expected to experience substantial growth.
“We believe we have the required experience and expertise to operate successfully in developing countries given our own experience in South Africa over the past 50 years. Our ability to find innovative solutions and to develop country specific products and processes will, we think, be well-received by the Nigerian automotive market and its buyers. It is also our hope that in due time, this venture could become the biggest market for WesBank in Sub-Saharan Africa outside of South Africa.” says De Kock.