MAX and vbank Team up to Boost Financial Inclusion
Nigeria-based clean mobility platform MAX and vbank, a digital bank powered by VFD Microfinance bank, have partnered.
The partnership is aimed at increasing access to financial services for independent motorcycle taxi (okada) drivers on the MAX platform.
As part of the agreement, VFD Microfinance Bank will be extending a USD 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.
The collaboration has already entered into effect, with VFD Microfinance bank accelerating access to finance for the riders. It has already benefited more than 500 drivers.
(Source: The Paypers)
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