United Bank for Africa (UBA) Plc has introduced a vehicle financing scheme at an interest rate of 23 per cent, in a move to expand access to consumer credit amid elevated borrowing costs.

The scheme, tagged ‘Drive Your Dream Today’, was unveiled in partnership with Mikano Motors at the auto dealer’s showroom in Victoria Island, Lagos.

Under the arrangement, eligible customers are required to provide a 30 per cent initial deposit, while UBA finances the remaining 70 per cent of the vehicle’s cost, repayable over a period of 36 months.

The bank said the scheme was open to both salaried and self-employed Nigerians, including entrepreneurs without formal monthly salaries. Applicants are expected to undergo an eligibility assessment at a UBA branch or through email before obtaining a proforma invoice from Mikano Motors and proceeding with the financing process.

Speaking at the launch, UBA’s Group Executive Director-designate, Personal and Business Banking, Chidi Okpala, said the partnership was designed to reduce the upfront financial barrier associated with vehicle ownership.

The bank’s Group Head, Consumer Lending, Frank Okoh, said the facility was structured to accommodate a wider range of customers, including those who do not earn fixed salaries.

Mikano Motors’ General Manager, Tarek Mostafa, said vehicles purchased under the arrangement would come with after-sales support, including access to genuine spare parts and maintenance services nationwide.

The partnership comes as banks increasingly explore asset-financing and other consumer-credit products to expand their retail portfolios and diversify earnings beyond traditional corporate lending, treasury operations and foreign exchange-related income.