VFD, MAX enter $3m credit line partnership, offer drivers vehicle finance

VFD MICROFINANCE BANK, ONE OF NI GERIA’S NEW GEN ERATION MICROFI NANCE BANKS, has forged a strategic partnership with Clean Mobility Platform’s MAX, with the extension of a $3 million line of credit that will enable MAX drivers to finance their vehicles.

The microfinance bank said the strategic partnership is aimed at increasing access to financial services to independent motorcycle taxi (okada) drivers on the MAX platform.

According to the companies at the partnership signing in Lagos, the agreement will see more than 5,000 MAX drivers gain access to digital financial services offered by VFD Microfinance Bank. In particular, the collaboration between the two entities will allow MAX drivers to build full credit profiles and histories that will enable further access to more advanced banking products.

MAX provides a fast-growing fleet of low and zero-emission vehicles, which include its revolutionary M3 Electric Motorcycle. In addition, MAX offers drivers a service bundle that solves their greatest pain points, including digital wallets, savings products, insurance, maintenance plans and licensing support - so that independent commercial drivers can keep the continent’s economy in motion, at an affordable and convenient monthly subscription.

Speaking at the signing, Gbenga Omolokun, managing director of VFD Microfinance Bank, said: “Financial inclusion is the core of what we do, therefore, working with Max to figure out new age ways to bring access to finance closer to those who need it easily aligns with our ethos. We will facilitate the access of the riders to full banking services which will open these riders up to new opportunities.”

Also, Adetayo Bamiduro, MAX co-founder and chief executive officer, said: “This collaboration is a key enabler for MAX’s impact agenda for transport operators and commercial drivers in Nigeria. We are committed to providing independent commercial drivers with the solutions to their main pain points - and ensuring access to the formal financial system has long been something we wanted to bring to our drivers. The collaboration has already entered into effect, with VFD Microfinance Bank accelerating access to finance for our riders. It has already benefited more than 500 drivers.”