United Bank for Africa (UBA) Plc has partnered Mikano Motors to introduce an auto financing scheme aimed at making new vehicle ownership more affordable and accessible to Nigerians.
The initiative, themed ‘Drive Your Dream Today,’ enables eligible customers to acquire new vehicles by paying an initial 30 per cent deposit, while UBA finances the remaining 70 per cent.
Unveiled at the Mikano Motors showroom in Victoria Island, Lagos, the scheme allows customers to repay the financed amount over 36 months at an interest rate of 23 per cent.
The financing package is open to a wide range of customers, including salaried workers, entrepreneurs, self-employed individuals and other eligible Nigerians.
To access the facility, prospective customers are required to undergo a simple eligibility check by visiting any UBA branch or contacting the bank through its consumer lending email. Once approved, the customer can approach Mikano Motors for a proforma invoice for the preferred vehicle and proceed with the financing process.
Speaking at the launch, UBA’s Group Executive Director-designate, Personal and Business Banking, Chidi Okpala, said the partnership was designed to make vehicle ownership more attainable while promoting financial inclusion and a stronger credit culture.
‘Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable,’ Okpala said.
He said the arrangement would remove a major barrier to vehicle ownership by reducing the amount customers need to provide upfront.
‘A customer puts down 30 per cent, we finance the rest, and they pay us back comfortably over a three-year period,’ he said.
According to him, the initiative demonstrates UBA’s customer-focused approach by providing financing solutions tailored to customers’ needs.
Also speaking, UBA’s Group Head, Consumer Lending, Frank Okoh, said the scheme was designed to simplify vehicle financing for both salaried and self-employed customers.
‘We have kept the entry simple and the terms clear, whether you earn a salary or run your own business,’ Okoh said.
He added that customers would be guided through the process from the initial eligibility assessment until they take delivery of their vehicles.
For Mikano Motors, the partnership is expected to expand access to its vehicles and ownership services.
The company’s General Manager, Tarek Mostafa, said the collaboration aligned with its commitment to providing customers with a high-end ownership experience backed by reliable after-sales services.
‘Mikano Motors was established to give Nigerians a high-end ownership experience, from the showroom to years down the road,’ Mostafa said.
He noted that the company supports customers with genuine spare parts, maintenance and servicing across the country.
Established in 2018 under Mikano International, Mikano Motors builds on more than 35 years of its parent company’s presence in Nigeria and offers a diversified portfolio of vehicles supported by nationwide sales and after-sales services.