Credit Direct and vivo have entered into a strategic financing partnership aimed at making smartphones more accessible to Nigerians, in response to persistent affordability challenges in the market. The agreement, formalised through a Memorandum of Understanding signed on April 17, 2026, at Credit Direct’s headquarters in Lagos, introduces a flexible payment structure that allows customers to pay an initial 20 per cent of a device’s cost and spread the balance over six months, with Credit Direct providing the financing support.
The initiative is designed to address a long-standing gap in Nigeria’s digital landscape, where demand for smartphones remains high but upfront costs continue to limit access for a significant portion of the population. Despite an estimated 120 million smartphone users in the country, more than 40 per cent of Nigerians are still without such devices, largely due to financial constraints. Under the new arrangement, customers will be able to access vivo smartphones through an extensive retail network of over 600 outlets across 25 states, with both companies projecting sales of more than 200,000 devices within the first year of the partnership.
Speaking on the development, Managing Director and Chief Executive of Credit Direct, Chukwuma Nwanze, described the collaboration as a practical convergence of financing and mobile technology, noting that it directly tackles the access to capital challenge that has kept millions disconnected. He emphasised that the company’s consumer lending model, backed by its parent FCMB Group Plc, is focused on reaching individuals outside the traditional banking system, enabling them to acquire essential tools such as smartphones without undue financial strain, while reaffirming the organisation’s broader mission of making financial solutions universally accessible.
On its part, vivo Nigeria said the partnership reinforces its ambition to deepen market penetration in an increasingly competitive smartphone industry, expressing confidence in Credit Direct’s leadership in consumer financing and its capacity to deliver on the initiative. Industry observers note that the move aligns with a growing trend of instalment based smartphone financing across Nigeria, with brands such as Tecno, Infinix, and Samsung already adopting similar models in collaboration with financial institutions, as stakeholders position affordable device access as a critical driver of growth in Nigeria’s expanding digital economy, valued at approximately 18 billion dollars in 2025.