South Africa's FirstRand to offer vehicle finance in Nigeria

Chris de Kock, CEO of FirstRand’s WesBank unit

FirstRand Ltd. (FSR), Africa's largest bank by market value, is to offer vehicle finance in Nigeria as the Johannesburg-based lender targets growth in the continent's biggest economy.

FirstRand's WesBank has signed a memorandum of understanding with Nigeria's National Automotive Council to serve retail and business customers in Africa's most-populous nation, the vehicle-financing unit said in a statement today. The agreement aims to stimulate the sale of locally assembled autos in Nigeria, it said.

Read more: FirstRand Unit WesBank to Offer Nigerian Vehicle Finance – Bloomberg.