In a major boost for consumer credit and asset ownership in Nigeria, United Bank for Africa (UBA) Plc has partnered with Mikano Motors to launch a flexible auto-financing initiative tagged “Drive Your Dream Today.”
Unveiled at the Mikano Motors showroom in Victoria Island, Lagos, the partnership is specifically designed to eliminate the steep upfront cost of purchasing a new vehicle by offering up to 70 percent financing to eligible buyers.
Key Highlights of the Financing Scheme
The collaboration combines UBA’s expansive retail banking network with Mikano Motors’ diverse vehicle lineup to deliver a structured, accessible pathway to car ownership.
- Initial Equity Deposit: Buyers pay a 30% down payment upfront.
- Bank Financing: UBA finances the remaining 70% of the vehicle cost.
- Interest Rate: Fixed at a competitive 23% interest rate per annum.
- Repayment Tenure: Spread comfortably across 36 months (3 years) in monthly installments.
- Inclusivity: Open to both salaried workers and self-employed individuals/entrepreneurs.
Expanding Financial Inclusion and Credit Culture
Speaking at the launch, UBA’s Group Executive Director-designate for Personal and Business Banking, Chidi Okpala, emphasized that the partnership reflects the bank’s commitment to reducing the upfront financial burden associated with acquiring critical assets.
“Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable. A customer puts down 30 percent, we finance the rest, and they pay us back comfortably over a three-year period. By removing the single biggest barrier to vehicle ownership, we are showing what customer-first banking looks like in practice.” — Chidi Okpala, UBA Group Executive Director-designate
Adding to this, UBA’s Group Head of Consumer Lending, Frank Okoh, noted that the entry process has been streamlined so both fixed-income earners and business owners can easily participate without encountering bureaucratic friction.
Complete After-Sales Support from Mikano Motors
For Mikano Motors, the partnership provides an opportunity to extend its premium automotive experience to a broader base of Nigerian buyers.
General Manager of Mikano Motors, Tarek Mostafa, assured customers that every vehicle purchased under the scheme will be backed by comprehensive sales and after-sales support nationwide.
“Mikano Motors was established to give Nigerians a high-end ownership experience… The backbone of any automotive business is not just the sale, but the after-sales service that follows. Partnering with UBA lets more customers enjoy that experience alongside a bank that shares our commitment to service.” — Tarek Mostafa, General Manager, Mikano Motors
How to Apply for the Scheme
The application process is designed to be straightforward and fast-tracked:
- Check Eligibility: Visit any UBA branch nationwide or send an inquiry email to
consumerlending@ubagroup.comto complete an eligibility assessment. - Get a Proforma Invoice: Upon pre-approval, visit a Mikano Motors showroom to select your vehicle and receive an official proforma invoice.
- Finalize Financing: Submit the invoice to UBA to complete processing, pay your 30% deposit, and collect your keys!
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