UBA, Mikano Motors Launch Auto Financing Scheme for Nigerians

United Bank for Africa (UBA) and Mikano Motors have partnered to introduce a new auto financing scheme, 'Drive Your Dream Today,' designed to significantly ease vehicle ownership for Nigerians. The initiative allows customers to purchase new vehicles by making an initial down payment of just 30 percent, with UBA financing the remaining 70 percent.

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Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable.

The flexible financing solutions require customers to repay the financed amount in manageable installments over a period of 36 months, with an annual interest rate of 23 percent. This scheme is accessible to a wide range of customers, including those who are not on a fixed salary, thereby providing a structured path to vehicle ownership for entrepreneurs and other eligible Nigerians.

Chidi Okpala, UBA’s Group Executive Director, designate for Personal and Business Banking, highlighted the partnership's alignment with the bank's commitment to making aspirations attainable and advancing financial inclusion. "Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable," Okpala stated. He emphasized that by removing the significant barrier of a large upfront cost, the bank demonstrates its customer-first approach.

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A customer puts down 30 per cent, we finance the rest, and they pay us back comfortably over a three years period. By removing the single biggest barrier to vehicle ownership where a customer just commits with an upfront cost, we are showing what customer-first banking looks like in practice, which is making their lives easier.

Frank Okoh, UBA’s Group Head for Consumer Lending, added that the scheme is designed for simplicity and accessibility for both salaried and self-employed individuals. "We have kept the entry simple and the terms clear, whether you earn a salary or run your own business," Okoh said. He noted that a straightforward eligibility check is all that is needed to begin the process.

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We have kept the entry simple and the terms clear, whether you earn a salary or run your own business.

For Mikano Motors, the collaboration offers a chance to expand its reach to a broader customer base in Nigeria. Tarek Mostafa, the company's General Manager, stated that the partnership supports Mikano Motors' goal of delivering a premium ownership experience backed by reliable after-sales service.

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A short eligibility check at any branch or by email is all it takes to begin, and our team guides the customer through every step to the moment they collect their keys.