Access Bank has launched a vehicle financing initiative that will allow Nigerians to buy vehicles with as little as a 10 per cent deposit, while the bank finances up to 90 per cent of the vehicle’s value.

The initiative is part of its vehicle asset financing programme aimed at expanding vehicle ownership and mobility services across Nigeria.

Speaking at the launch of AutoFest in Lagos yesterday, Executive Director, Corporate and Investment Banking Division, Access Bank, Iyabo Soji-Okusanya, said the programme was created to tackle the financing challenges that have limited vehicle ownership in the country.

She explained that customers can apply digitally for vehicle loans and receive approval within 72 hours. According to her, applicants are only required to provide a minimum equity contribution of 10 per cent before accessing financing for the balance.

Soji-Okusanya said the platform brings together vehicle manufacturers, dealers and financing providers, making it easier for customers to purchase both new and certified pre-owned vehicles through a single process.

She added that the initiative would also support businesses by providing access to vehicles needed for operations, while helping dealers improve inventory turnover and unlock capital tied up in unsold stock.

Providing further details, Group Head, Access Bank Mobility, Ishmael Nwokocha said the bank spent six months engaging dealers and other players in the automotive industry before launching the programme.

He noted that Nigeria records about 100,000 vehicle sales annually, with only 10 per cent being brand-new vehicles, while the remaining 90 per cent are pre-owned. According to him, rising vehicle prices have made ownership difficult for many Nigerians.

Nwokocha said the scheme offers customers the opportunity to provide just 10 per cent equity while the bank finances the remaining 90 per cent. He added that customers would also benefit from insurance, after-sales support and a digital loan application platform that enables applicants, dealers and the bank to track the progress of transactions.

He said the programme is available not only to individuals but also to corporate organisations, schools, hospitals and other businesses that require vehicle fleets. He further disclosed plans to extend financing to operators in the ride-hailing and transport sectors that 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 assist customers facing repayment difficulties. She explained that borrowers can apply for loan restructuring instead of immediately losing their vehicles.

Iheme also clarified that customers are free to repay their loans before the approved repayment period expires.
Managing Director of CIG Motors, Eniola Olutimilehin also added that the partnership would help connect vehicle buyers with financing and improve access to mobility solutions for individuals and businesses.