United Bank for Africa (UBA) Plc has partnered with Mikano Motors to launch a new vehicle financing scheme designed to make car ownership more accessible to Nigerians.
The initiative, tagged “Drive Your Dream Today,” allows eligible customers to purchase new vehicles with an initial 30% down payment, while UBA finances the remaining 70%.
Under the scheme, customers can repay the financed amount over 36 months at an interest rate of 23%. The facility is available to both salaried and self-employed Nigerians, including entrepreneurs who may not have a conventional monthly salary.
The partnership was unveiled at the Mikano Motors showroom in Victoria Island, Lagos.
UBA’s Group Executive Director-designate, Personal and Business Banking, Chidi Okpala, said the initiative was aimed at reducing the financial barrier to vehicle ownership while promoting access to consumer credit.
Interested customers are required to undergo an eligibility assessment at a UBA branch or through the bank’s consumer lending channel. Once approved, they can obtain a pro forma invoice from Mikano Motors for their preferred vehicle and proceed with the financing process.
Mikano Motors General Manager, Tarek Mostafa, said the company would complement the financing arrangement with after-sales support, including genuine spare parts, maintenance and servicing.
The partnership forms part of UBA’s broader efforts to expand consumer lending and provide Nigerians with structured financing options for major purchases.
UBA, Mikano Launch Auto Financing Scheme With 30% Down Payment
UBA, Mikano Launch Auto Financing Scheme With 30% Down Payment.
