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By Uche Usim
Nigerians seeking to own vehicles can now do so with as little as a 10 per cent down payment under a new financing initiative launched by Access Bank to improve mobility and make vehicle ownership more affordable.
The scheme, unveiled at the AutoFest exhibition in Lagos, enables customers to access financing of up to 90 per cent of a vehicle’s value through a digital platform that connects buyers, vehicle dealers, manufacturers and financiers within a single ecosystem.
Speaking at the launch, Executive Director, Corporate and Investment Banking Division at Access Bank, Iyabo Soji-Okusanya, said the initiative was designed to tackle one of the biggest challenges facing Nigeria’s automotive sector: limited access to affordable financing.
According to her, customers can complete the entire process digitally, from application to approval and vehicle acquisition.
“You apply online, you receive a credit decision and you go home with the keys to your car already in your pocket,” she said.
She explained that the platform brings together vehicle manufacturers, dealers and financing partners, allowing customers to purchase both brand-new and certified pre-owned vehicles through a simplified process.
Soji-Okusanya said the initiative would not only benefit individuals but also businesses that require vehicles for daily operations. She noted that improved access to financing would help dealers reduce inventory backlogs and free up capital tied down in unsold vehicles.
Providing further insight into the programme, Group Head, Access Bank Mobility, Ishmael Nwokocha, said the bank spent several months consulting stakeholders across the automotive value chain before introducing the scheme.
He noted that Nigeria records annual vehicle sales of about 100,000 units, but only around 10 per cent of those purchases involve new vehicles, with the vast majority comprising pre-owned automobiles.
Nwokocha attributed the trend largely to affordability constraints driven by rising vehicle prices.
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“What are we offering today? Come with 10 per cent equity contribution, and we’ll finance the 90 per cent,” he said.
According to him, the financing programme extends beyond individual customers to corporate organisations, schools, hospitals and other institutions seeking to acquire vehicle fleets.
He added that Access Bank is also exploring ways to bring ride-hailing operators and transport businesses that currently operate outside the formal banking system into the financing ecosystem.
The bank believes the move will support economic activity by improving access to transport assets for businesses and entrepreneurs while deepening financial inclusion within the mobility sector.
Group Head, Product and Segment at Access Bank, Chizoba Iheme, said the programme includes provisions for customers who encounter repayment difficulties.
According to her, borrowers facing temporary financial challenges may have their loans restructured instead of losing access to their vehicles.
“So long as the vehicle is still valid, it’s still running on the road, we can look at your finance and then we’ll repackage your loan,” she said.
Iheme added that customers would not be compelled to maintain the full loan tenure and could repay their facilities earlier if they wished.
Also speaking, Managing Director of CIG Motors, Eniola Olutimilehin, described the partnership as a major step towards improving access to vehicles for individuals and businesses.
She said linking prospective buyers directly to financing support would help remove barriers to vehicle ownership while supporting entrepreneurs and organisations that depend on transportation assets to grow their operations.
Access Bank said the initiative forms part of its broader vehicle asset financing programme aimed at expanding access to mobility solutions, supporting economic productivity and stimulating growth across Nigeria’s automotive industry.
