Nigeria: Firms Announce $3M Partnership to Drive Financial Inclusion Among Independent Commercial Drivers

Source: This Day

Clean mobility platform MAX and vbank, a leading digital bank, powered by VFD Microfinance bank have announced a strategic partnership aimed at increasing access to financial services to independent motorcycle taxi (okada) drivers on the MAX platform.

As part of the agreement, VFD Microfinance Bank will be extending a $3 million line of credit that will enable MAX drivers to finance their vehicles. Through this process, more than 5,000 MAX drivers will also 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.