UBA, Mikano make car ownership easier with 70% financing offer

United Bank for Africa Plc and Mikano Motors have partnered to make new vehicle ownership more accessible to Nigerians through a financing scheme that allows eligible customers to pay 30 percent upfront while UBA finances the remaining 70 percent.

The initiative, tagged “Drive Your Dream Today,” was unveiled at the Mikano Motors showroom in Victoria Island, Lagos, as both companies seek to expand access to vehicle ownership while combining UBA’s consumer lending capacity with Mikano’s vehicle portfolio and nationwide after-sales network.

Under the scheme, customers can repay the financed amount in installments over 36 months at an interest rate of 23 percent. The financing is available not only to salaried workers but also to eligible entrepreneurs, self-employed individuals and other Nigerians who meet the bank’s lending requirements.

The arrangement gives customers a structured route to vehicle ownership without having to fund the full purchase price upfront, while giving UBA an opportunity to deepen its consumer lending business through financing for a major household and lifestyle purchase.

For Mikano Motors, the partnership creates an additional channel for converting prospective buyers into vehicle owners by addressing one of the biggest barriers to automobile purchases, the initial cost.

Speaking at the launch, Chidi Okpala, UBA’s Group Executive Director-designate, Personal and Business Banking, said the partnership reflects the bank’s broader effort to make financial services more responsive to customers’…