Access Bank, Auto Dealers to Expand Vehicle Ownership, Financial Inclusion

Access Bank Plc has joined forces with leading Nigerian automobile distributors to introduce AutoFest, a new vehicle financing initiative designed to enhance car ownership accessibility and foster economic growth. This collaboration aims to make acquiring vehicles more affordable for Nigerians, thereby deepening financial inclusion and stimulating the country's automotive value chain.

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For too long, vehicle ownership has been held back by one barrier high upfront costs. Families need reliable mobility, entrepreneurs need productive assets and businesses need to expand. Yet affordable financing has remained difficult to access.

The initiative, launched in Lagos, involves partnerships with prominent distributors such as CFAO Mobility, CIG Motors, Elizade Motors, Kewalram Chanrai Group, Mikano Motors, and Stallion Group. Through AutoFest, eligible customers can purchase brand-new or certified pre-owned vehicles. The financing structure requires a minimum equity contribution of 10 percent, with the bank financing up to 90 percent of the vehicle's value. The entire application process is managed digitally for customer convenience.

Iyabo Soji Okunsanya, Executive Director of Corporate and Investment Banking at Access Bank Plc, highlighted that AutoFest directly addresses the significant barrier of high upfront costs that has historically hindered vehicle ownership in Nigeria. She emphasized the need for reliable mobility for families, productive assets for entrepreneurs, and expansion capabilities for businesses, noting that affordable financing has been a persistent challenge.

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AutoFest was designed to solve structural challenges in Nigeria’s automotive industry, including ageing inventories, financing bottlenecks and limited access to affordable vehicle ownership.

Ishmael Nwokocha, Group Head of Mobility Business at Access Bank, further explained that AutoFest is engineered to tackle systemic issues within Nigeria's automotive industry. These include outdated inventories, financing bottlenecks, and limited access to affordable vehicle acquisition. The bank is actively collaborating with manufacturers, dealers, and government bodies to streamline vehicle documentation, registration, and licensing processes, creating a cohesive ecosystem beneficial to both customers and dealers. Giselle Bejjani, Marketing Manager at Mikano Motors, affirmed that the partnership stems from months of collaborative efforts to address the critical concern of affordable financing for potential car buyers.

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The partnership followed months of collaboration aimed at addressing one of the biggest concerns of prospective buyers affordable financing.