Nigerians will be able to acquire vehicles with as little as a 10 per cent deposit and receive financing approval under a new vehicle financing initiative launched by Access Bank, which offers funding of up to 90 per cent of a vehicle’s value and repayment tenures of more than four years.
Speaking at AutoFest, the vehicle financing initiative launched in Lagos on Friday, Executive Director, Corporate and Investment Banking Division at Access Bank, Iyabo Soji-Okusanya, said the programme is designed to address financing constraints that have limited vehicle ownership in the country.
According to her, customers can access financing covering up to 90 per cent of a vehicle’s value through a digital application process, with a minimum equity contribution of 10 per cent. “You apply online, and you go home with the keys to your car already in your pocket,” she said.
The platform brings together vehicle manufacturers like CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, CFAO, other Mobility dealers, and financing providers, enabling customers to purchase both new and certified pre-owned vehicles through a single process.
For businesses, Soji-Okusanya said the initiative would provide access to vehicles needed for operations while helping dealers improve inventory turnover and unlock capital tied down in unsold stock.
Presenting details of the scheme, Group Head, Access Bank Mobility, Ishmael Nwokocha, recalled that the bank spent the last six months engaging dealers and other stakeholders in the automotive value chain before rolling out the programme.
Nwokocha said Nigeria records
