WesBank, a division of South Africa’s FirstRand, has signed a memorandum of understanding (MoU) with the National Automotive Council (NAC) to offer vehicle finance in Nigeria
The company said in a statement that the MoU will allow WesBank to work closely with 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.
Chris de Kock, CEO of WesBank, said that the Nigerian government recently restructured their local economy to attract investment from vehicle manufacturers and increase the supply of locally-manufactured vehicles.
“We are delighted that the Nigerian government and NAC have chosen WesBank as their partner of choice. 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,” said Kock.
WesBank has a presence in other African markets including Botswana, Lesotho, Namibia, Mozambique, Swaziland, and Zambia.
The CEO hopes the venture can become the biggest market for WesBank in sub-Saharan Africa.
