BYD seller signs deal with bank to finance EVs

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Stanbic IBTC, a mid-sized Nigerian bank, has entered into a partnership with Loxea Nigeria, the distributor of BYD electric and hybrid vehicles, for vehicle financing.The company says customers will benefit from discounted EV prices and lower interest charges. BYD entered the Nigerian market in March 2025, introducing the Atto 3 and the Dolphin models. 

• Stanbic IBTC’s move reflects a growing trend of African banks supporting electric four-wheeler financing. It highlights how financial institutions are becoming key enablers of the continent’s green mobility transition.

• Asset financiers like Watu Credit, M-Kopa and Mogo focus on two- and three-wheelers, which are cheaper and attract low-income riders. They use digital payments and tracking to offer flexible loans that banks avoid.

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