Access Bank has launched a new vehicle financing initiative, AutoFest, enabling Nigerians to acquire vehicles with as little as a 10 per cent deposit. The programme offers funding of up to 90 per cent of a vehicle’s value, with repayment tenures extending beyond four years.
Speaking at the AutoFest launch in Lagos on Friday, Iyabo Soji-Okusanya, Executive Director, Corporate and Investment Banking Division at Access Bank, stated that the initiative aims to address the financing constraints that have historically limited vehicle ownership in Nigeria.
Customers can access financing covering up to 90 per cent of a vehicle’s value through a digital application process, requiring a minimum equity contribution of 10 per cent. Soji-Okusanya emphasized the ease of the process, noting, “You apply online, and you go home with the keys to your car already in your pocket.”
The platform brings together various vehicle manufacturers and dealers, including CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, and CFAO. This collaboration allows customers to purchase both new and certified pre-owned vehicles through a unified process.
For businesses, the initiative is designed to provide access to essential vehicles for operations, while also assisting dealers in improving inventory turnover and unlocking capital tied up in unsold stock.
Ishmael Nwokocha, Group Head, Access Bank Mobility, detailed the scheme, explaining that the bank spent six months engaging stakeholders in the automotive value chain before the rollout. He highlighted that Nigeria records annual vehicle sales of approximately 100,000 units, with only about 10 per cent being brand-new vehicles and the remaining 90 per cent being pre-owned.
Nwokocha reiterated the core offer, stating, “What are we offering today? Come with 10 per cent equity contribution, and we’ll finance the 90 per cent.” He added that customers will also benefit from access to insurance, after-sales services, and a digital loan application process that allows all parties to monitor progress.
The initiative extends its reach beyond individual consumers to include corporate organisations, schools, hospitals, and other businesses requiring vehicle fleets. Plans are also in place to expand financing access to operators in the ride-hailing and transport sectors currently outside the formal banking system.
Chizoba Iheme, Group Head, Product and Segment, Access Bank, assured customers that measures are in place to support those facing financial difficulties during the repayment period. She explained that affected borrowers could seek loan restructuring to avoid immediate loss of their vehicles. “So long as the vehicle is still valid, it’s still running on the road, we can look at your finance and then we’ll repackage your loan,” Iheme clarified.
Iheme also confirmed that customers are not obligated to maintain loans for the full approved tenor and have the option to repay outstanding obligations earlier. The programme’s scope covers individuals, corporates, and small businesses seeking vehicles for commercial or operational use.
Eniola Olutimilehin, Managing Director of CIG Motors, a participating dealer, praised the partnership, stating it would connect vehicle buyers with financing and bolster mobility and business operations. She anticipates the collaboration will enhance access to vehicles for individuals and entrepreneurs needing transportation assets.
The bank confirmed that this initiative is part of its broader vehicle asset financing programme, aimed at expanding access to vehicle ownership and mobility services across Nigeria. To participate in the Access Bank AutoFest, interested individuals can contact their account officer, fill out the Vehicle Asset application form HERE, or send an email to [email protected].
