WesBank to enter vehicle financing market in Nigeria - CNBC Africa

WesBank to enter vehicle financing market in Nigeria

Western Africa

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WesBank has signed a deal to enter Nigeria's vehicle financing market. PHOTOS: Mmastudios.co.za/Findsplacesin

The Memorandum of Understanding (MOU) will allow WesBank, a division of FirstRand Bank, to offer financing solutions for vehicles built in Nigeria, with the aim of making them more affordable to the local consumer.

This is after the Nigerian government restructured the local economy to attract more investment from vehicle manufacturers and to grow the supply of locally manufactured cars.

“We are delighted that the Nigerian government and NAC have chosen WesBank as their partner of choice,” said Chris de Kock, chief executive officer 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."

(READ MORE: WesBank's Q1 Vehicle Sales Confidence Indicator shows flat outlook)

Currently, WesBank is well represented in Southern Africa in countries such as South Africa, Botswana, Namibia and Zambia.

“We believe that we have the required experience and expertise to operate successfully in developing countries given our own experience in South Africa over the last 50 years," said de Kock.

"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.”