United Bank for Africa (UBA) Plc has partnered with Mikano Motors to introduce a flexible vehicle acquisition initiative themed Drive Your Dream Today. The scheme is designed to ease vehicle ownership for Nigerians by lowering the entry barrier for purchasing brand-new vehicles.
Under the terms of the partnership, eligible customers are required to make an upfront equity contribution of 30%. UBA will provide financing for the remaining 70% of the vehicle's cost, allowing buyers to spread repayments over a maximum period of 36 months.
Flexible Terms for Salaried and Self-Employed Customers
The financing facility is structured with an interest rate of 23% per annum. Unlike traditional auto loans that strictly target salary earners, this initiative is open to a wider demographic, including self-employed individuals and entrepreneurs who do not earn a regular monthly salary.
Chidi Okpala, UBA's Group Executive Director-designate for Personal and Business Banking, explained that the partnership aims to foster a stronger credit culture in Nigeria. He noted that removing the burden of full upfront payments makes vehicle ownership far more achievable for hardworking citizens.
To access the scheme, customers must undergo a quick eligibility check at any UBA branch or by contacting the bank via email at [email protected]. Once cleared, the customer obtains a proforma invoice from Mikano Motors to complete the financing process.
Mikano Focuses on Nationwide After-Sales Support
Mikano Motors, established in 2018 under Mikano International, leverages over 35 years of industrial presence in Nigeria. The company's General Manager, Tarek Mostafa, emphasized that all vehicles sold under this scheme are backed by comprehensive after-sales support, including genuine spare parts and mobile maintenance services delivered at no extra cost.
Frank Okoh, UBA's Group Head of Consumer Lending, added that the application process has been simplified to ensure seamless delivery. The collaboration strengthens UBA's retail banking footprint, which currently serves over 45 million customers globally with a workforce of 25,000 employees across 20 African countries, the United States, the United Kingdom, France, and the United Arab Emirates.
