Access Bank Targets 90% Vehicle Financing To Ease Ownership, Support Businesses

Access Bank has launched a vehicle asset financing programme offering Nigerians up to 90 per cent funding with only 10 per cent equity contribution to address affordability challenges.

Speaking at AutoFest, the vehicle financing initiative launched held in Lagos, the executive director, Corporate and Investment Banking Division at Access Bank, Iyabo Soji-Okusanya, said the programme is designed to address financing constraints that have limited vehicle ownership in the country.

According to her, customers can access financing covering up to 90 per cent of a vehicle’s value through a digital application process, with a minimum equity contribution of 10 per cent.

She noted that the platform brings together vehicle manufacturers, dealers and financing providers, enabling customers to purchase both new and certified pre-owned vehicles through a single process.

For businesses, Soji-Okusanya said the initiative would provide access to vehicles needed for operations while helping dealers improve inventory turnover and unlock capital tied down in unsold stock.

Presenting details of the scheme, Group head, Access Bank Mobility, Ishmael Nwokocha said rising vehicle prices made ownership difficult, noting that only 10 per cent of Nigeria’s 100,000 annual vehicle sales are brand-new.

He added that the scheme extends to individuals, corporates, schools, hospitals and ride-hailing operators, with insurance, after-sales services and loan restructuring options for borrowers facing repayment difficulties.

Nwokocha also disclosed plans to expand financing access to operators in the ride-hailing and transport sectors that are currently outside the formal banking system.

Group head, Product and Segment, Access Bank, Chizoba Iheme, said the bank had put measures in place to support customers who encounter financial difficulties during the repayment period.

She explained that affected borrowers could seek loan restructuring rather than risk losing their vehicles immediately.

Managing director of CIG Motors, Eniola Olutimilehin, whose company is one of the participating dealers, said the partnership would help connect vehicle buyers with financing while supporting mobility and business operations.

She said the collaboration is expected to improve access to vehicles for individuals and entrepreneurs requiring transportation assets for personal and commercial activities.

Access Bank said the initiative is part of its vehicle asset financing programme aimed at expanding access to vehicle ownership and mobility services across the country.