Credit Direct, a subsidiary of First City Monument Bank (FCMB), has officially partnered with Vivo Nigeria to introduce a new smartphone financing scheme designed to enhance device affordability and accessibility for Nigerians. The memorandum of understanding was signed at Credit Direct’s headquarters in Lagos on April 17, 2026.

Under the terms of this new arrangement, customers can purchase a Vivo smartphone by making an initial deposit of 20%, with the remaining balance spread out over a six-month installment period. This model is intended to eliminate the significant financial barrier posed by the requirement for a full upfront payment, which often prevents many potential users from acquiring modern smartphones.

Chukwuma Nwanze, the Managing Director/CEO of Credit Direct, explained that the partnership leverages Vivo’s extensive retail network of over 600 stores across 25 states. The companies have set an ambitious target to sell more than 200,000 devices within the first year of the partnership, aiming to reach individuals who might otherwise be excluded from traditional credit services.

Toni Lou, the CEO of Vivo Nigeria, expressed confidence in the collaboration, noting that the company selected Credit Direct due to its established track record and professionalism in the consumer financing sector. He highlighted that while Vivo had previously explored installment-based purchasing, the infrastructure and backing provided by Credit Direct have now made it a viable and sustainable reality.

This initiative is seen as a strategic move to promote financial inclusion by providing flexible payment options for consumer technology. Interested customers have been advised to visit the Credit Direct website to learn more about the specifics of the financing plan and how to take advantage of the offer.