Credit Direct, vivo unveil new smartphone financing

In a move set to revolutionize smartphone accessibility in Nigeria, Credit Direct and vivo Nigeria have joined forces through a new Memorandum of Understanding. This strategic partnership aims to significantly ease the financial burden on consumers looking to acquire the latest vivo smartphones.

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It gives Credit Direct’s customer base access to vivo’s retail network of more than 600 stores across 25 states.

The agreement introduces a flexible payment scheme where customers can secure a vivo device with a modest 20% deposit, followed by manageable installments spread over six months. This initiative directly addresses a major hurdle for many Nigerians: the prohibitive cost of purchasing high-end mobile technology outright.

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This is Credit Direct’s first formal partnership with vivo Nigeria and a direct application of its founding purpose: extending financial access to individuals excluded from traditional credit.

Credit Direct, a subsidiary of First City Monument Bank, brings its expertise in consumer financing to the table, while vivo Nigeria leverages its extensive retail network. Both companies express strong confidence in the partnership's success, anticipating sales of over 200,000 devices in the first year. This collaboration underscores a shared commitment to enhancing financial inclusion and empowering Nigerians with access to essential digital tools.

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We chose Credit Direct because they are the clear leaders in consumer financing in Nigeria, and they operate with a level of professionalism that gives us confidence.