Access Bank has launched a comprehensive vehicle financing programme designed to lower the barrier to entry for car ownership in Nigeria. The initiative allows qualified individuals and businesses to acquire vehicles with a minimum equity contribution of just 10%, while the bank covers the remaining 90% of the vehicle’s value…See More
The programme, introduced during the “AutoFest” event in Lagos, seeks to address the significant decline in vehicle affordability caused by rising prices. According to Ishmael Nwokocha, Group Head of Access Bank Mobility, the bank spent six months aligning with major industry stakeholders, including manufacturers like CIG Motors, Mikano, CFAO, and Stallion Motors, to create a streamlined digital application process.
“Come with 10 per cent equity contribution, and we’ll finance the 90 per cent,” Nwokocha stated. He noted that the initiative includes integrated insurance and after-sales support, with repayment tenures stretching beyond four years.
The financing scope is broad, catering to private individuals, corporate organizations, hospitals, and schools. Furthermore, the bank revealed plans to extend these financial services to ride-hailing operators and transport businesses that have historically struggled to access formal banking credit.
To mitigate concerns regarding financial instability, the bank has introduced flexible repayment options. Chizoba Iheme, Group Head of Product and Segment, explained that the bank is prepared to offer loan restructuring for customers facing temporary economic hardship.
“So long as the vehicle is still valid and running, we can look at your finance and then we’ll repackage your loan,” Iheme said. She added that the programme also allows for early repayment without penalties, giving customers control over their debt obligations.
Industry partners have welcomed the move, noting that it addresses a critical gap in the Nigerian automotive market, where brand-new vehicle sales currently account for only about 10% of the total market volume. By unlocking capital and improving inventory turnover for dealers, Access Bank aims to modernize the national transport landscape while empowering entrepreneurs with essential mobility assets.
To key into the Access Bank AutoFest initiative and acquire a car of your choice, please contact your account officer or click HERE to fill the Vehicle Asset application form…See More
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