In a bid to facilitate access to brand-new cars in Togo, the Togolese subsidiaries of Ecobank and Hyundai have collaborated to offer a car financing solution. This initiative, launched on December 12, 2023, aims to benefit employees, SMEs, and SMIs, enabling them to acquire Hyundai vehicles through a convenient repayment plan spread over up to 48 months.
The Offer Details
Under this partnership, both existing Ecobank customers and non-customers, including individuals and legal entities, can benefit from the financing offer. The repayment formula offers a rate ranging from 7.75% to 8%, depending on the customer's profile and the chosen repayment period. This initiative covers four categories of Hyundai cars, priced between CFA15 million and CFA18 million, making it an attractive option for those seeking to purchase new vehicles.
Addressing the Issue of Used Vehicles
Ecobank Togo's director, Souleymane Touré, emphasized the benefits of this offer in tackling the challenge of purchasing used vehicles. Many individuals opt for cheaper, imported used vehicles, only to face substantial expenses later on repairs and maintenance. The new financing scheme presents Togolese citizens with an opportunity to invest in new cars, potentially saving money in the long term. By facilitating access to financing for new vehicles, Ecobank aims to address the pitfalls associated with purchasing used cars while empowering individuals to make more informed and economically advantageous decisions. This initiative reflects Ecobank's commitment to providing innovative financial solutions that cater to the diverse needs of its customers and contribute to their financial well-being.
Expanding Financing Options
This collaboration signifies yet another stride by Ecobank Togo towards broadening its range of financing options for the Togolese populace. Earlier, a comparable agreement was forged with Japan Motors in May, underscoring Ecobank's steadfast dedication to furnishing diverse and easily accessible financing solutions to its clientele. By consistently partnering with reputable entities across various sectors, Ecobank reaffirms its commitment to meeting the evolving financial needs of the Togolese community. Such initiatives not only enhance financial inclusion but also stimulate economic growth by facilitating access to capital for individuals and businesses. Through strategic partnerships and innovative financial products, Ecobank remains at the forefront of driving financial empowerment and fostering socio-economic development in Togo.
Conclusion:
The collaboration between Ecobank and Hyundai represents a significant opportunity for individuals and businesses in Togo to purchase brand-new cars through convenient financing. By offering competitive rates and flexible repayment terms, this initiative aims to promote the adoption of new vehicles and reduce the reliance on used cars that often come with higher maintenance costs. It also underscores Ecobank's commitment to supporting the economic development of Togo by providing innovative financial solutions tailored to the needs of its customers.
