To ensure that more Nigerians have access to driving brand new vehicles, the CIG Motors (an auto assemblage company) has partnered with Stanbic IBTC to float a new easy pay financing scheme for vehicle comfortable acquisition.

The new scheme tagged: ‘Vehicle Financing Made Easier’ enables customers to benefit from vehicles as low as N3 million upward with a repayment period of up to 60 months and interest rate of 2.1 per cent per month, while the vehicle could be delivered within 7 – 14 days.

Chief Operating Officer, CIG, Eniola Olutimilehin, said the initiative was to enable Nigerians access mobility across the country with less bother about financing.

“Mobility is not a luxury. Mobility is productivity. Mobility is growth across our economy. When businesses can move goods efficiently, they grow faster. When professionals can move reliably, they perform better. And when families can move safely, communities become stronger. That is why this partnership is very important to us.” she said.

Olutimilehin said the company discovered that buying and driving new vehicles has traditionally required upfront capital which is very challenging and this has kept capable individuals, entrepreneurs, and growing businesses on the sidelines.

She said: “Today we are changing that narrative. What was once a conversation about cash upfront payment is now a conversation about access, about opportunity, and about growth.
She said Stanbic IBTC brings the strength of a world-class financial institution, while CIG Motors brings affordable, reliable vehicles, strong after-sales network, and a growing national service capability across the country.

She said the offer is open to their range of products, “from electric vehicles that allow for reduced fuel dependency, to our SUVs that provide comfort, reliability, and are good for everyday use to our minibuses that allow for corporate logistics, for urban mobility, allow for movement of both people and goods across the country in a very efficient way.”

Executive Director, Stanbic IBTC, Olufunke Amobi, said through the programme, Stanbic IBTC aims to tackle challenges experienced by its clients in terms of mobility.

“We believe that reliable transportation should not be a distant dream. It should be a dream, and it should be dreams that come true very easily, in a practical way for every hardworking Nigerian. And we believe that this collaboration with CIG Motors further affirms this belief,” she stated.

She assured that the financing options feature very flexible processes and competitive terms.
Head, EasyPay, Mrs Chizom Ekwuatu, noted that many of the vehicle ownership in Nigeria are used vehicles (Tokunboh), adding that new vehicle penetration is low due to funding challenges. She said the company has introduced easy pay to enable more people to drive brand new vehicles.

According to her, the scheme is currently focusing on salary earners track, SME track and the women track, adding that, “with easy pay, you can get your vehicle within 7 – 14 days”.

Head of Product, Stanbic, Mr Taiwo Ala, said the partnership has brought succour to customers in enhancing mobility in the country.

Head Assembly Plant, CIG, Mr Pai Govardhan, while conducting the officials around the assembly facility in Ikeja Lagos, assured on the quality of the vehicles.

He said the CIG assembly facility in Nigeria has the capacity to do 5,000 to 50,000 vehicles yearly, depending on the market demand and we are determined to do more. “We are committed to seeing people driving brand new vehicles in Nigeria, hence the need for this partnership.

“CIG vehicles have delivered over 15,000 vehicles to Nigeria over the years,”he added.