PIGGYVEST, Africa’s pioneer online savings and investment platform, has partnered with Mikano Motors, a leading Nigerian automobile company, to help Nigerians save towards owning their own cars.
The partnership, announced at a press conference at Mikano Motors’ head office in Victoria Island, Lagos, recently, allows Piggyvest users to select their preferred car in the app and choose a savings plan between three months and a year.
With the new development, users can decide how often they want to save, and once they reach their goal, Mikano Motors is automatically notified and begins processing delivery to the address provided on sign-up.
According to the companies, the idea for the partnership came from a behavioural trend Piggyvest was already seeing on its platform.
Commenting, Co-founder and Chief Marketing Officer of Piggyvest, Joshua Chibueze said: ‘Some of our customers already use different Piggyvest wallets to save for cars. Quite a number of people save, and sometimes don’t eventually buy the car.’
For Chibueze, the opportunity was to make it easier for people who can afford to pay for a car over time, but may not have the money to pay upfront.
‘A lot of people in Nigeria today cannot afford to own a car outright. They don’t have the money upfront, but they want that car, and can actually afford to pay for it small-small,’ he said.
In Nigeria, the gap between wanting a car and being able to afford the upfront cost is significant.
The Piggyvest Savings Report 2025 reveals nearly three in five Nigerians earn N100,000 monthly or nothing at all. Similarly, only one in 10 Nigerian households own a car, and a decade-old car averages about N15 million.
For Mikano Motors, the partnership builds on its focus on making new vehicles more accessible to Nigerian buyers.
Also commenting, National Operations Manager at Mikano Motors, Syam Abdulkadir said: ‘One of our key slogans here at Mikano is ‘Affordable Luxury. So you don’t have to limit yourself to buying used cars or cars without after-sales service just because that’s the only thing you can afford.’
Mbonu Chijioke, Head of Sales at Mikano Motors, said the company was pleased to be part of an initiative that could make vehicle ownership more attainable for more Nigerians.
‘At Mikano, we’re happy to support initiatives that make it easier for Nigerians to afford and own a vehicle.’
Vehicles currently available through the plan start in the N20 million range and include passenger and commercial models, from sedans and executive SUVs to pickups and light-duty trucks.
Mikano Motors is also working to bring options into the N10 million range.
The companies also announced a N2 million cashback offer for Nigerians who are able to successfully save towards and take delivery of their vehicles within the next one year.
This cashback is designed to give buyers a head start on their next financial goal rather than having them start from zero after purchasing a car.
Ayo Akinola, CEO of PocketApp, said the partnership reflects Piggyvest’s broader mission of making large financial goals feel more attainable for Nigerians.
‘What I have learned over the years is that there is something powerful about watching yourself get closer to a goal. So, this partnership is bigger than just cars. It is about making financial goals feel more achievable.’ Akinola added.