Credit Direct and vivo Nigeria have signed a Memorandum of Understanding to improve smartphone affordability in Nigeria. The partnership allows customers to purchase vivo smartphones by paying a 20 percent deposit and spreading the remaining balance over six months.
Financing Model Targets Affordability Gap
Under the arrangement, customers can buy vivo smartphones with an initial 20 percent deposit, while the balance is paid in installments over six months. Credit Direct, a subsidiary of First City Monument Bank (FCMB), will provide the financing. The initiative aims to address high upfront costs, which the company identified as a key barrier to smartphone ownership in Nigeria.
Companies Outline Expectations
Credit Direct’s Managing Director and Chief Executive Officer, Chukwuma Nwanze, said the partnership would allow more Nigerians to access smartphones without financial strain. He added that the agreement gives Credit Direct customers access to vivo’s network of over 600 retail outlets across 25 states. The companies target selling more than 200,000 devices within the first year. Nwanze noted that this is Credit Direct’s first formal partnership with vivo Nigeria and aligns with its objective of extending credit to underserved individuals.
On its part, vivo Nigeria’s Chief Executive Officer, Toni Lou, expressed confidence in the partnership, citing Credit Direct’s experience and track record in consumer financing. He noted that previous attempts at instalment-based smartphone purchases had not succeeded but believes the current arrangement will work due to Credit Direct’s infrastructure. Interested customers were advised to visit Credit Direct’s website for further details on the financing plan.
Top 10 Affordable Smartphones for Young Nigerians
Legit.ng earlier compiled a list of budget-friendly Android phones that meet most needs of youths, including online classes and communication. Entry-level Android phones offer strong all-round performance and handle basic tasks efficiently, while some mid-range options provide better displays and cameras.
