Access Bank Plc has unveiled AutoFest, a new vehicle financing initiative designed to make car ownership more affordable for Nigerians amid rising vehicle prices and challenging economic conditions.
The programme offers customers up to 90 per cent financing for both new and certified pre-owned vehicles. Buyers are required to provide a minimum equity contribution of 10 per cent, while repayment can be spread over more than four years through a simplified digital application process.
Speaking at the launch in Lagos, the Executive Director of the Corporate and Investment Banking Division at Access Bank, Iyabo Soji-Okusanya, said the initiative was created to remove financial barriers that have historically limited vehicle ownership.
“You apply online, and you go home with the keys to your car already in your pocket,” Soji-Okusanya said, highlighting the speed and convenience of the digital platform.
He added that the programme is designed to address financing constraints that have prevented many Nigerians from owning vehicles.
AutoFest brings together leading automotive manufacturers and mobility dealers, including CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC and CFAO, under one financing ecosystem.
The Group Head of Access Bank Mobility, Ishmael Nwokocha, disclosed that the bank spent six months working with industry stakeholders to develop a financing solution that reflects current market realities.
“What are we offering today? Come with 10 per cent equity contribution, and we’ll finance the 90 per cent,” Nwokocha said.
He noted that Nigeria records annual vehicle sales of about 100,000 units, with only around 10 per cent being brand-new vehicles due to soaring prices that have significantly reduced affordability.
According to him, the financing facility is not limited to individual buyers. It also targets corporate organisations, schools and hospitals seeking fleet vehicles. Access Bank is also preparing to onboard transport operators and ride-hailing drivers who currently have limited access to formal banking services.
Addressing concerns about loan repayment in a difficult economy, the Group Head of Product and Segment at Access Bank, Chizoba Iheme, said the bank has built-in support measures for customers facing temporary financial difficulties.
“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,” Iheme explained.
She added that customers can also repay their loans ahead of schedule without attracting any penalty.
Industry stakeholders have welcomed the initiative, describing it as a timely intervention for Nigeria’s automotive sector.
The Managing Director of CIG Motors, Eniola Olutimilehin, said the partnership bridges the gap between vehicle buyers and structured financing, while improving inventory turnover for dealerships.
“The collaboration is expected to improve access to vehicles for individuals and entrepreneurs requiring transportation assets for personal and commercial activities,” Olutimilehin said.
He added that the partnership would support mobility, strengthen business operations and improve access to vehicle financing across the country.
