Access Bank launches 90% vehicle financing scheme to boost car ownership

Business, Markets & Finance

LAGOS, Nigeria (NPA) — Access Bank Plc has unveiled a vehicle financing initiative aimed at making car ownership more affordable and accessible for individuals, small businesses and corporate organisations across Nigeria.

The initiative, tagged Access Auto Fest, is being implemented in partnership with leading automobile distributors, including CFAO, CIG Motors, Elizade, Kewalram Chanrai Group, Mikano Motors Division and Stallion.

Speaking at the launch in Lagos, Executive Director of Corporate and Investment Banking at Access Bank, Iyabo Soji-Okusanya, said the programme was designed to remove financial barriers that prevent many Nigerians from owning vehicles.

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According to her, mobility remains a key driver of productivity, commerce and economic participation.

“At Access Bank, we see mobility as more than transportation. It is productivity, commerce, inclusion and economic participation,” she said.

“This conviction is the foundation of Access Auto Fest and our broader vehicle asset financing initiative. Our proposition is simple and powerful: convert aspiration into ownership.”

Soji-Okusanya disclosed that customers can access financing of up to 90 per cent of a vehicle’s value with a minimum equity contribution of 10 per cent.

She added that credit decisions would be delivered within 72 hours through a fully digital application process.

The bank said the platform allows customers to select either new or certified pre-owned vehicles, secure financing and complete the purchase process seamlessly.

Group Head of Access Bank Mobility, Ishmael Nwokocha, said the initiative was developed to bring together vehicle buyers, dealers, financiers, insurers and relevant government agencies on a single platform.

He noted that successful applicants would receive their vehicles and documentation within 72 hours after meeting the required conditions.

According to Nwokocha, the scheme caters to individuals, Small and Medium Enterprises (SMEs) and corporate organisations, including businesses seeking fleet acquisition solutions.

Also speaking, Head of Retail Banking at Access Bank, Olumide Olatunji, said the programme is available nationwide and is designed to simplify vehicle ownership for both individuals and businesses.

Managing Director of CIG Motors, Eniola Olutimilehin, described the partnership as a major step towards making vehicle ownership easier, faster and more affordable for Nigerians.

Representatives of CFAO, Elizade, Kewalram Chanrai Group, Mikano Motors Division and Stallion also highlighted the benefits of the initiative to vehicle buyers and the wider automotive industry.

Responding to questions from journalists, Group Head, Products and Segments at Access Bank, Chizoba Iheme, said the financing scheme covers both new and certified pre-owned vehicles.

She added that customers experiencing repayment difficulties would have access to loan restructuring options.

Iheme noted that the programme is open to individuals, SMEs, schools, hospitals and corporate organisations requiring vehicles for operational purposes.