UBA, Mikano Launch Auto Financing Scheme To Ease Vehicle Ownership
United Bank for Africa (UBA) Plc has partnered Mikano Motors to introduce an auto financing scheme aimed at making new vehicle ownership more accessible to Nigerians.
The initiative, tagged “Drive Your Dream Today,” allows eligible customers to acquire vehicles by paying an initial 30 per cent deposit, while UBA finances the remaining 70 per cent.
The scheme, unveiled at the Mikano Motors showroom in Lagos, gives customers up to 36 months to repay the financed amount at an interest rate of 23 per cent.
According to the financial institutions, the financing is open to a wide range of customers, including salaried and self-employed individuals, entrepreneurs and other eligible Nigerians.
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 achievable while promoting financial inclusion and a stronger credit culture.
Okpala said the arrangement would remove the burden of having to provide the full purchase price upfront, allowing customers to spread payments over three years.
Also speaking, UBA’s Group Head, Consumer Lending, Frank Okoh, said the scheme was designed to provide a straightforward vehicle financing process for both salaried and self-employed customers.
He explained that interested customers could begin the process through an eligibility check at any UBA branch or via email, after which the bank’s team would guide them through the financing process.
For Mikano Motors, the partnership is expected to expand access to its vehicles and ownership services among Nigerians.
The company’s General Manager, Tarek Mostafa, said the collaboration aligns with Mikano Motors’ objective of providing customers with a high-quality vehicle ownership experience, backed by reliable after-sales services.
The partnership is expected to broaden access to vehicle financing while giving eligible Nigerians a structured pathway towards owning new vehicles.
