UBA, Mikano partner to offer Nigerians vehicle financing at 30% deposit

United Bank for Africa (UBA) Plc has partnered Mikano Motors to introduce an auto-financing scheme aimed at helping Nigerians acquire new vehicles with an initial payment of 30 per cent.

Under the “Drive Your Dream Today” scheme, UBA will finance up to 70 per cent of the cost of an eligible vehicle, with customers allowed to repay the financed amount over 36 months at an interest rate of 23 per cent.

The initiative was unveiled at the Mikano Motors showroom in Victoria Island, Lagos, as part of efforts by both companies to make vehicle ownership more accessible.

The financing is open to a range of eligible customers, including salaried workers, entrepreneurs and self-employed Nigerians.

To access the scheme, prospective customers are required to undergo an eligibility assessment through any UBA branch or by contacting the bank via consumerlending@ubagroup.com.

Once approved, customers can obtain a proforma invoice from Mikano Motors for their preferred vehicle and proceed with the financing process.

Speaking at the launch, UBA Group Executive Director-designate, Personal and Business Banking, Chidi Okpala, said the partnership was designed to remove the high upfront cost that often prevents Nigerians from purchasing vehicles.

“Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable,” Okpala said.

He said the arrangement would allow customers to make an initial 30 per cent payment while the bank finances the balance, which would then be repaid over three years.

UBA Group Head, Consumer Lending, Frank Okoh, said the scheme was designed to simplify vehicle financing for both salaried and self-employed customers.

He said applicants would only need to complete an eligibility assessment before being guided through the remaining stages of the process.

For Mikano Motors, General Manager Tarek Mostafa said the partnership would enable more Nigerians to access its vehicles and after-sales services.

He said the company would continue to support customers with genuine spare parts, maintenance and other after-sales services across the country.

Established in 2018 under Mikano International, Mikano Motors has built its automotive business around vehicle sales and after-sales support, backed by the group’s long-standing presence in Nigeria.

UBA said the partnership forms part of its broader consumer lending strategy to expand access to credit and provide structured financing options for customers seeking to meet major personal and lifestyle needs.