Access Bank has introduced a new vehicle financing program in Nigeria, allowing individuals and businesses to purchase cars with a deposit of just 10 percent. The initiative covers up to 90 percent of the vehicle’s total cost, with flexible repayment periods exceeding four years.
During the program’s debut at AutoFest in Lagos, Iyabo Soji-Okusanya, the bank’s Executive Director for Corporate and Investment Banking, explained that the scheme aims to overcome financial barriers currently preventing widespread car ownership. Customers can utilize a digital platform to apply for financing for both new and certified pre-owned vehicles. The program features partnerships with major manufacturers and dealers, including CIG Motors, Mikano Motors, and CFAO.
Ishmael Nwokocha, Group Head of Access Bank Mobility, noted that the initiative follows months of industry consultations. Given that new vehicles currently make up only 10 percent of the 100,000 units sold annually in Nigeria, the bank intends to increase affordability for both private users and commercial fleets. The package includes integrated insurance, maintenance services, and digital tracking for loan applications.
Addressing potential payment issues, Chizoba Iheme, Group Head of Product and Segment, stated that the bank is prepared to offer loan restructuring for customers facing financial hardships. This approach allows borrowers to adjust their payment terms rather than forfeiting their assets. Furthermore, clients are permitted to pay off their loans earlier than the agreed schedule if they choose.
Industry partners like CIG Motors Managing Director Eniola Olutimilehin praised the collaboration, noting its potential to support entrepreneurs and improve overall mobility. Interested parties can apply by contacting their account managers, visiting the official bank website, or emailing the support team.
