Credit Direct, vivo unveil new smartphone financing

Credit Direct and vivo Nigeria have signed a Memorandum of Understanding aimed at expanding smartphone access and easing device affordability across the country.

The agreement, according to a statement made available to Punch Online on Wednesday, was signed at Credit Direct’s headquarters in Lagos on Friday, April 17, 2026.

Under the arrangement, “customers can acquire a vivo smartphone by paying a 20 per cent deposit, with the remaining balance spread over six months,” with “Credit Direct provides the financing.”

Credit Direct is a subsidiary of First City Monument Bank.

The company said the initiative is designed to eliminate the need for upfront full payment, which it identified as a major barrier to smartphone ownership in Nigeria.

Speaking on the deal, the Managing Director/Chief Executive Officer of Credit Direct, Chukwuma Nwanze, said the partnership was structured to address this challenge and enable customers to own smartphones without straining their finances.

He said, “It gives Credit Direct’s customer base access to vivo’s retail network of more than 600 stores across 25 states. In its first year, the two companies are targeting sales of over 200,000 devices.

“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.”

The Chinese phone company said it chose Credit Direct for the partnership based on its professionalism and track record in consumer financing.

Chief Executive Officer of vivo Nigeria, Toni Lou, said, “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.

“Instalment-based device purchasing was something we had explored before, but it did not come together at the time. With Credit Direct’s backing and infrastructure, we are confident this will be different. This is a partnership we believe in.”

Interested customers were advised to visit the company’s website for more information on the financing plan.