Credit Direct and vivo have entered a new financing partnership aimed at making smartphones easier to buy in Nigeria.
Both companies signed a Memorandum of Understanding on Friday, April 17, 2026, at Credit Direct’s headquarters in Lagos.
The agreement allows customers to pay 20% of a vivo smartphone’s price upfront, then spread the remaining balance over six months. Credit Direct will provide the financing.
The two firms say the plan targets a long-standing issue in the Nigerian market, where people want smartphones, but many cannot afford to pay in full at once.
Nigeria has about 120 million smartphone users. Still, a large share of the population lacks access to a device. With more than 40% of Nigerians still not using smartphones, the cost is the limitation.
Under the partnership, customers will also be able to access vivo devices through more than 600 retail stores across 25 states. Both companies are targeting sales of over 200,000 devices in the first year.
Credit Direct, a subsidiary of FCMB Group Plc, said the arrangement fits into its consumer lending model, which focuses on extending credit to people outside traditional banking systems.
The company’s managing director and chief executive, Chukwuma Nwanze, said the partnership brings together financing and mobile technology in a practical way.
“Nigeria has millions of smartphone users, but the gap between those who are connected and those who are not remains wide, and the primary reason for that gap is access to capital. This partnership addresses that directly,” he said.
“vivo has built a strong mobile product over the years, and Credit Direct has been providing financing to people who have been shut out of the formal financial system for years. What this partnership does is bring those two realities together. People who need smartphones but cannot afford to buy one outright can now do so through a payment plan that does not strain their monthly income.”
He further stated that the mission has always been to make financial solutions a universal opportunity, and this is exactly what this looks like. “I am genuinely excited about what we can achieve together.” Chukwuma Nwanze, MD/CEO, Credit Direct said.
vivo Nigeria said the agreement strengthens its goal to expand access in a highly competitive market.
“We chose Credit Direct because they are the clear leaders in consumer financing in Nigeria, and they operate with a level of professionalism that gave 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.” Toni Liu, CEO, vivo Nigeria.
Nigeria’s smartphone financing space has been growing as device prices become more expensive for many buyers. Similar models have appeared across the industry, including initiatives linked to Transsion brands such as Tecno and Infinix, as well as Samsung Nigeria, which works with financial institutions to offer instalment payments.
Analysts say these financing options are becoming more important as mobile internet use expands. Nigeria’s digital economy was valued at about $18 billion in 2025, and access to affordable devices is seen as paramount to further growth in e-commerce, fintech, and online services.
Market observers also expect instalment-based purchases to bring millions of new users into the smartphone ecosystem over the next few years, as companies compete to reduce the upfront cost barrier.
