Access Bank has launched a vehicle financing scheme that lets customers buy a car with as little as a 10 per cent deposit, with the bank funding up to 90 per cent of the value. The initiative is designed to tackle the affordability barrier that has long limited vehicle ownership in Nigeria.
How the scheme works
Unveiled at the bank’s Auto Fest event in Lagos, the programme offers financing of up to 90 per cent of a vehicle’s value through a digital application process, with credit decisions targeted within 72 hours. It covers both new and certified pre-owned vehicles, with repayment spread over a tenor of up to 48 months.
Executive director, Corporate and Investment Banking, Iyabo Soji-Okusanya, said the bank sees mobility as more than transportation. “It is productivity, commerce, inclusion and economic participation,” she said, describing the proposition as turning aspiration into ownership.
Tackling an affordability gap
Officials noted that of the roughly 100,000 vehicles sold annually in Nigeria, only about 10 per cent are brand-new — a sign of how rising prices have pushed many buyers towards used cars. By lowering the upfront cost, the bank hopes to make new and certified vehicles more accessible to a wider range of buyers.
Open to businesses too
The scheme is open to individuals, SMEs, schools, hospitals, corporate organisations and ride-hailing operators, with the bank pledging to extend access to transport operators currently outside the formal banking system. It also bundles insurance, after-sales support and loan restructuring options for borrowers who run into repayment difficulties.
Partners and terms
Access Bank is delivering the programme in partnership with major dealers, including CFAO, CIG Motors, Elizade, Kewalram Chanrai Group, Mikano and Stallion. The bank has said eligibility will depend on its standard credit process, with applicants assessed for repayment capacity, and loan terms set out clearly in the offer letter signed at disbursement.
A push for mobility
By bringing manufacturers, dealers and financing together on one platform, the bank aims to simplify what has often been a costly and complicated purchase. For many Nigerians priced out of new vehicles, a lower entry point and a digital process could make ownership a more realistic goal.
The bank has indicated it also offers preferential terms for women-owned businesses and female salary earners, part of a push to make the scheme more inclusive.
By spreading payments over a defined tenor and bundling support services, the programme aims to make vehicle ownership a more manageable commitment for salary earners and small businesses alike.
This article is for general information and does not constitute financial advice.
