Bank’s New Scheme Targets Affordability Barrier In Auto Market

Access Bank has launched a vehicle asset financing scheme designed to tackle rising affordability challenges in Nigeria’s auto market, offering customers up to 90 per cent funding for vehicle purchases with a minimum equity contribution of just 10 per cent.

The initiative, unveiled at the bank’s AutoFest event in Lagos, is designed to tackle affordability challenges that have continued to limit many Nigerians’ access to vehicles.

Speaking at the launch, executive director, Corporate and Investment Banking Division, Access Bank, Iyabo Soji-Okusanya, said customers can obtain financing covering as much as 90 per cent of a vehicle’s value, with a minimum equity contribution of 10 per cent.

She explained that the programme leverages a digital application process to simplify vehicle acquisition and improve access to financing.

According to Soji-Okusanya, the platform brings together vehicle manufacturers, dealers and financing providers, enabling customers to purchase both new and certified pre-owned vehicles through a seamless process.

She noted that beyond enhancing personal mobility, the scheme is expected to support businesses by providing easier access to vehicles required for daily operations.

“For dealers, it will improve inventory turnover and unlock capital tied down in unsold stock,” she said.

Providing further details on the initiative, group head, Access Bank Mobility, Ishmael Nwokocha, said rising vehicle prices have made ownership increasingly difficult for many Nigerians.

He noted that of the estimated 100,000 vehicles sold annually in Nigeria, only about 10 per cent are brand-new, underscoring the need for innovative financing solutions.

Nwokocha disclosed that the scheme is open to individuals, corporate organisations, schools, hospitals and ride-hailing operators. He added that it also includes insurance, after-sales support and loan restructuring options for borrowers experiencing repayment challenges.

He further revealed that the bank plans to extend financing access to operators in the ride-hailing and transport sectors that currently remain outside the formal banking system.

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

She explained that affected borrowers would have the opportunity to restructure their loans rather than immediately lose their vehicles.

The managing director of CIG Motors, Eniola Olutimilehin, whose company is among participating dealers in the programme, said the partnership would bridge the gap between vehicle buyers and financing providers while promoting mobility and enterprise growth.

According to her, the collaboration is expected to improve access to transportation assets for both individuals and entrepreneurs, thereby supporting personal mobility and commercial activities.