Max, VFD announce $3m partnership to drive financial inclusion
Clean mobility platform MAX and Vbank, powered by VFD Microfinance Bank, have today 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.
MAX co-founder and Chief Executive Officer, Adetayo Bamiduro, said: “This collaboration is a key enabler for MAX’s impact agenda for transport operators and commercial drivers in Nigeria. We are committed to providing independent commercial drivers with the solutions to their main pain-points – and ensuring access to the formal financial system has long been something we wanted to bring to our drivers.”
Gbenga Omolokun, Managing Director of VFD Microfinance bank, said: “Financial inclusion is the core of what we do, therefore, working with Max to figure out new age ways to bring access to finance closer to those who need it easily aligns with our ethos. We will facilitate the access of the riders to full banking services which will open these riders up to new opportunities.”
The collaboration has already entered into effect, with VFD Microfinance bank accelerating access to finance for our riders. It has already benefited more than 500 drivers.