Nigerians seeking to own cars with limited upfront cash now have a new option under a vehicle financing initiative introduced by Access Bank, which allows buyers to make a minimum deposit of 10 per cent and access funding of up to 90 per cent of a vehicle’s value.
The scheme, unveiled at the bank’s AutoFest event in Lagos, is designed to ease long-standing financing barriers that have kept many individuals and businesses out of the formal vehicle market. It offers repayment tenures of more than four years, targeting both private users and corporate fleet operators.
Executive Director, Corporate and Investment Banking Division at Access Bank, Iyabo Soji-Okusanya, said the programme was created to respond to the growing demand for affordable mobility solutions in an economy where vehicle prices have surged and disposable incomes are under pressure.
She explained that customers can complete the process digitally, from application to approval, with the bank providing up to 90 per cent of the cost of new or certified pre-owned vehicles once the 10 per cent equity contribution is made.
The initiative brings together major players in Nigeria’s automotive value chain, including manufacturers and authorised dealers such as CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC and CFAO. By aggregating these partners on a single platform, the bank aims to streamline the purchase, financing and delivery process for buyers.
Group Head, Access Bank Mobility, Ishmael Nwokocha, said the bank spent months engaging dealers and other stakeholders before launching the scheme. He noted that Nigeria records about 100,000 vehicle sales annually, with roughly 90 per cent being pre-owned, reflecting how rising prices have pushed many buyers away from brand-new cars.
Under the new arrangement, customers can also access insurance and after-sales support, while a digital loan management system allows applicants, dealers and the bank to track each transaction in real time.
The programme is open to individuals, corporates, schools, hospitals and other organisations that require vehicles for commercial or operational use. Access Bank also plans to extend the scheme to ride-hailing drivers and transport operators who are currently outside the formal credit system.
Group Head, Product and Segment, Access Bank, Chizoba Iheme, said the bank has built in safeguards for borrowers who experience financial strain, including the option to restructure loans rather than face immediate repossession. Customers are also free to repay ahead of schedule without being compelled to run the facility for the full tenor.
