By Ayomide Otitoju
United Bank for Africa (UBA) Plc has partnered Mikano Motors to introduce an auto financing scheme aimed at making new vehicle ownership more accessible to Nigerians.
The initiative, tagged “Drive Your Dream Today,” allows eligible customers to make an initial payment of 30 per cent of the vehicle’s cost, while UBA finances the remaining 70 per cent.
The scheme was unveiled at the Mikano Motors showroom in Victoria Island, Lagos, and provides customers with up to 36 months to repay the financed amount at an interest rate of 23 per cent.
According to the partners, the financing is available to both salaried and self-employed customers, including eligible individuals who do not earn a fixed monthly salary.
Interested customers are required to undergo an eligibility assessment by visiting a UBA branch or contacting the bank through consumerlending@ubagroup.com. Upon approval, customers can obtain a proforma invoice from Mikano Motors for their preferred vehicle and proceed with the financing process.
Speaking at the launch, UBA’s Group Executive Director-designate, Personal and Business Banking, Chidi Okpala, said the partnership was designed to make vehicle financing more accessible while encouraging responsible borrowing and financial inclusion.
He said the arrangement would allow customers to spread the cost of vehicle ownership over a defined repayment period rather than paying the full amount upfront.
UBA’s Group Head, Consumer Lending, Frank Okoh, said the scheme was structured to simplify the vehicle financing process for both salaried and self-employed customers.
He explained that customers would undergo an eligibility check before being guided through the financing and vehicle purchase process.
For Mikano Motors, the partnership is expected to widen access to its vehicle offerings while strengthening its after-sales service proposition.
The company’s General Manager, Tarek Mostafa, said the partnership would enable more customers to access Mikano Motors’ vehicles and associated maintenance and after-sales services.
Established in 2018 under Mikano International, Mikano Motors draws on the group’s longstanding presence in Nigeria and offers a range of vehicles supported by sales and after-sales services.
The partnership forms part of UBA’s consumer lending activities as the bank continues to provide financing options for personal and lifestyle needs.
UBA operates across several African markets as well as the United Kingdom, United States, France and the United Arab Emirates, providing retail, commercial and institutional banking services.
