How Nigerians Can Buy Smartphones with 20% Deposit Through New Credit Scheme
- Credit Direct and vivo Nigeria signed an MoU to improve smartphone affordability in Nigeria
- Customers can pay a 20 per cent deposit and spread the balance over six months
- The partnership seeks to address high upfront costs limiting smartphone ownership
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Credit Direct and vivo Nigeria have entered into a partnership aimed at improving access to smartphones through a flexible payment model.
As reported by PUNCH, the deal was announced in a statement issued by Credit Direct on Thursday, April 23, 2026.
The agreement was reportedly formalised with the signing of a Memorandum of Understanding at Credit Direct’s headquarters in Lagos on April 17, 2026.
Source: Getty Images
Financing model targets affordability gap
Under the arrangement, customers can purchase vivo smartphones by paying an initial 20 per cent deposit, while the remaining balance is spread over six months. The financing will be provided by Credit Direct.
The company, a subsidiary of First City Monument Bank, said the initiative is designed to address the challenge of high upfront costs, which it identified as a key barrier to smartphone ownership in Nigeria.
Companies outline expectations
Speaking on the development, Credit Direct’s Managing Director and Chief Executive Officer, Chukwuma Nwanze, said the partnership would allow more Nigerians to access smartphones without financial strain.
He added that the agreement would give Credit Direct customers access to vivo’s network of over 600 retail outlets across 25 states. The companies are targeting the sale of more than 200,000 devices within the first year.
Nwanze noted that the collaboration represents Credit Direct’s first formal partnership with vivo Nigeria and aligns with its objective of expanding access to credit for underserved individuals.
“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,” he said.
Vivo Nigeria highlights confidence in partner
On its part, vivo Nigeria said its decision to partner with Credit Direct was based on the latter’s experience and track record in consumer financing.
The Chief Executive Officer of vivo Nigeria, Toni Lou, stated that previous attempts at instalment-based smartphone purchases had not materialised, but expressed confidence that the current arrangement would succeed due to Credit Direct’s infrastructure.
He described the partnership as a strategic step towards making smartphones more accessible to Nigerian consumers.
Interested customers were advised to visit Credit Direct’s website for further details on the financing plan.
Source: Getty Images
Top 10 affordable smartphones for young Nigerians
Legit.ng earlier compiled a list of budget-friendly Android phones that can meet most needs of youths, including online classes and communication.
From attending online classes to running small businesses or staying active on social media, several affordable smartphones provide reliable performance without high costs.
Entry-level Android phones offer strong all-round performance and handle basic tasks efficiently. Some mid-range options provide added features like better displays and cameras.
Source: Legit.ng
