Nigerians will now be able to acquire vehicles with as little as a 10 per cent deposit under a new vehicle financing initiative launched by Access Bank, which offers financing of up to 90 per cent of a vehicle’s value with repayment tenures of more than four years.
Speaking at AutoFest, the vehicle financing event held in Lagos on Friday, Executive Director of the Corporate and Investment Banking Division at Access Bank, Iyabo Soji-Okusanya, said the programme was designed to address the financing constraints that have limited vehicle ownership in Nigeria.
According to her, customers can access financing covering up to 90 per cent of a vehicle’s value through a digital application process, with a minimum equity contribution of 10 per cent.
“You apply online, and you go home with the keys to your car already in your pocket,” she said.
She explained that the platform brings together leading vehicle manufacturers and dealers, including CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, CFAO, and other mobility providers, alongside financing institutions, enabling customers to purchase both new and certified pre-owned vehicles through a single process.
For businesses, Soji-Okusanya said the initiative would provide easier access to vehicles required for operations while helping dealers improve inventory turnover and unlock capital tied up in unsold stock.
Presenting details of the scheme, Group Head of Access Bank Mobility, Ishmael Nwokocha, said the bank spent the past six months engaging dealers and other stakeholders across the automotive value chain before rolling out the programme.
He noted that Nigeria records annual vehicle sales of about 100,000 units, with only about 10 per cent being brand-new vehicles, while the remaining 90 per cent are pre-owned.
According to him, rising vehicle prices have significantly reduced affordability for many Nigerians.
“What are we offering today? Come with a 10 per cent equity contribution, and we’ll finance the remaining 90 per cent,” Nwokocha said.
He added that customers would also benefit from insurance, after-sales services, and a digital loan application platform that allows applicants, dealers, and the bank to monitor the progress of each application.
Nwokocha said the initiative extends beyond individual buyers to corporate organisations, schools, hospitals, and other businesses seeking to acquire vehicle fleets.
He also disclosed plans to expand financing access to operators in the ride-hailing and transport sectors who are currently outside the formal banking system.
Group Head, Product and Segment, Access Bank, Chizoba Iheme, said the bank has put measures in place to support customers who encounter financial difficulties during the repayment period.
She explained that affected borrowers could apply for loan restructuring rather than risk losing their vehicles immediately.
“So long as the vehicle is still valid and running on the road, we can review your finances and repackage your loan,” she said.
Iheme also clarified that customers are not required to keep the loan for the entire approved tenure and may repay their outstanding obligations earlier if they choose.
She added that the financing programme is open to individuals, corporate organisations, and small businesses seeking vehicles for personal, commercial, or operational purposes.
Managing Director of CIG Motors, Eniola Olutimilehin, whose company is one of the participating dealers, said the partnership would connect vehicle buyers with financing while supporting mobility and business operations.
She said the collaboration is expected to improve access to vehicles for individuals and entrepreneurs who require transportation assets for personal and commercial use.
Access Bank said the initiative forms part of its broader vehicle asset financing programme aimed at expanding access to vehicle ownership and enhancing mobility services across Nigeria.
