Access Bank has launched a vehicle financing initiative that allows Nigerians to acquire new and certified pre-owned vehicles with a minimum deposit of 10 per cent, while the bank finances up to 90 per cent of the purchase price.
The programme, unveiled at the bank’s AutoFest event in Lagos, is designed to make vehicle ownership more affordable for individuals and businesses by providing flexible repayment plans extending beyond four years.
Speaking at the launch, Executive Director, Corporate and Investment Banking Division, Access Bank, Iyabo Soji-Okusanya, said the initiative was introduced to address the financing challenges that have continued to limit vehicle ownership across the country.
She explained that prospective buyers can apply digitally for financing and receive approval through a streamlined process.
“You apply online, and you go home with the keys to your car already in your pocket,” she said.
According to Soji-Okusanya, the platform brings together leading automobile manufacturers and dealers, including CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC and CFAO, enabling customers to access financing and purchase vehicles through a single platform.
She added that the programme is expected to benefit businesses by improving access to operational vehicles while helping automobile dealers reduce inventory and improve cash flow.
Providing further details, Group Head, Access Bank Mobility, Ishmael Nwokocha, said the bank spent six months consulting stakeholders across the automotive industry before introducing the financing package.
He noted that Nigeria records about 100,000 vehicle sales annually, with only about 10 per cent comprising brand-new vehicles, while the remaining 90 per cent are used vehicles.
According to him, rising vehicle prices have placed ownership beyond the reach of many Nigerians.
“What we are offering today is simple. Come with a 10 per cent equity contribution, and we will finance the remaining 90 per cent,” Nwokocha said.
He explained that, in addition to vehicle financing, customers will have access to insurance, after-sales support and a digital platform that enables applicants, dealers and the bank to monitor loan processing in real time.
Nwokocha said the initiative is available not only to individual customers but also to corporate organisations, schools, hospitals and other institutions seeking to acquire vehicle fleets.
He disclosed that the bank also plans to extend the financing scheme to operators in the ride-hailing and transport sectors who currently have limited access to formal banking services.
Group Head, Product and Segment, Access Bank, Chizoba Iheme, said the bank has introduced measures to assist customers experiencing financial difficulties during the repayment period.
According to her, borrowers facing repayment challenges may apply for loan restructuring rather than risk immediate repossession of their vehicles.
“So long as the vehicle remains in good condition and operational, we can review the financing arrangement and restructure the loan where necessary,” she said.
Iheme also clarified that customers are free to repay their loans ahead of schedule without waiting for the approved repayment tenor to expire.
She added that the financing package covers individuals, small businesses and corporate organisations acquiring vehicles for personal, commercial or operational purposes.
Also speaking, Managing Director of CIG Motors, Eniola Olutimilehin, described the partnership as a significant step towards improving vehicle accessibility for Nigerians.
She said the collaboration would make it easier for individuals and entrepreneurs to obtain vehicles needed for personal mobility and business operations by connecting them with affordable financing.
Access Bank said the AutoFest initiative forms part of its broader vehicle asset financing programme aimed at expanding access to vehicle ownership, supporting businesses and promoting mobility across Nigeria.