Access Bank Plc has launched a major vehicle financing initiative, dubbed AutoFest, aimed at making car ownership more accessible to Nigerians amid rising vehicle prices and tightening economic conditions.

Under the new scheme, the bank will provide up to 90 per cent funding for both new and certified pre-owned vehicles, requiring customers to make a minimum equity contribution of just 10 per cent. The initiative features flexible repayment tenures extending beyond four years and boasts a streamlined digital application process.

Speaking at the launch event in Lagos, the Executive Director of the Corporate and Investment Banking Division at Access Bank, Iyabo Soji-Okusanya, highlighted the bank’s intent to eliminate the financial barriers that historically restricted vehicle ownership in the country.

“You apply online, and you go home with the keys to your car already in your pocket”, Soji-Okusanya said, emphasising the speed of the digital platform.

“The programme is designed to address financing constraints that have limited vehicle ownership in the country”, he added.

The initiative brings together major automotive manufacturers and mobility dealers, including CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, and CFAO, into a unified ecosystem.

The Group Head of Access Bank Mobility, Ishmael Nwokocha, revealed that the bank spent six months collaborating with these stakeholders to tailor the programme to current market realities, noting that skyrocketing prices have severely impacted affordability for everyday Nigerians.

“What are we offering today? Come with 10 per cent equity contribution, and we’ll finance the 90 per cent”, Nwokocha stated. “Nigeria records annual vehicle sales of about 100,000 units, with only about 10 per cent being brand-new vehicles. Rising vehicle prices have significantly reduced affordability for many Nigerians.”

Nwokocha added that the facility extends beyond individual buyers to corporate organisations, schools, and hospitals requiring fleets, with plans already underway to onboard operators in the transport and ride-hailing sectors who currently lack formal banking access.

Addressing potential consumer concerns regarding default risks in a volatile economy, the Group Head of Product and Segment at Access Bank, Chizoba Iheme, reassured applicants that the bank has built-in safety nets to support borrowers facing temporary financial distress.

“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 explained, adding that customers are also permitted to liquidate their loans early without penalty.

Industry stakeholders have welcomed the intervention. The Managing Director of CIG Motors, Eniola Olutimilehin, noted that the partnership bridges a critical gap by connecting ready buyers with structured credit, ultimately boosting dealership inventory turnover.

“The collaboration is expected to improve access to vehicles for individuals and entrepreneurs requiring transportation assets for personal and commercial activities”, Olutimilehin said.

“This partnership will help connect vehicle buyers with financing while supporting mobility and business operations”, the CIG MD added.

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