Access Bank has introduced a new vehicle financing programme designed to make car ownership more accessible to Nigerians by allowing buyers to acquire vehicles with a minimum deposit of 10 percent while the bank funds the remaining balance.
The initiative was unveiled during the launch of AutoFest in Lagos and forms part of the bank’s broader strategy to improve mobility and increase access to vehicle ownership for individuals and businesses.
Speaking at the event, an executive of the bank explained that the programme was developed to address the financial barriers that have prevented many Nigerians from purchasing vehicles. Under the scheme, customers can submit loan applications digitally and receive approval within 72 hours, provided they meet the required conditions.
The platform brings together vehicle manufacturers, dealers and financing providers in a single ecosystem, enabling customers to conveniently purchase both new and certified pre-owned vehicles through a streamlined process.
According to the bank, the programme is expected to benefit not only private individuals but also businesses that rely on vehicles for daily operations. It is also designed to help automotive dealers improve sales and reduce the amount of capital tied up in unsold inventory.
Officials involved in the project revealed that extensive consultations were held with stakeholders across the automotive industry before the launch. They noted that vehicle ownership has become increasingly difficult due to rising automobile prices, with the majority of vehicles sold in Nigeria being pre-owned units.
Beyond financing, customers will have access to insurance packages, after-sales services and a digital tracking system that allows buyers, dealers and the bank to monitor transactions throughout the process.
The programme is also open to corporate organisations, educational institutions, healthcare providers and other enterprises that require vehicle fleets. Plans are additionally underway to extend financing opportunities to operators in the transportation and ride-hailing sectors who currently have limited access to traditional banking services.
The bank further stated that provisions have been made to support customers experiencing repayment challenges. Rather than immediate repossession, eligible borrowers may apply for loan restructuring arrangements. Customers will also have the flexibility to settle their loans ahead of schedule if they choose.
Industry stakeholders welcomed the initiative, noting that easier access to financing could boost vehicle ownership, stimulate business growth and improve mobility solutions across the country.
