…Bank finances 70%, offers customers 36-month repayment plan
Segun Atanda/
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has partnered Mikano Motors to launch an auto financing scheme designed to make new vehicle ownership more accessible to Nigerians.
The initiative, tagged “Drive Your Dream Today,” allows eligible customers to acquire new vehicles with an initial payment of 30 per cent, while UBA finances the remaining 70 per cent.
Unveiled at the Mikano Motors showroom in Victoria Island, Lagos, the scheme offers customers the flexibility to repay the financed amount in instalments over 36 months at an interest rate of 23 per cent.
The facility is open to a broad range of eligible customers, including salaried workers, entrepreneurs and self-employed Nigerians, providing a structured pathway to vehicle ownership without requiring customers to pay the full purchase price upfront.
Interested customers are required to undergo an eligibility assessment at any UBA branch or via email at consumerlending@ubagroup.com. Once approved, they can proceed to Mikano Motors to obtain a proforma invoice for their preferred vehicle and complete the financing process.
Speaking at the launch, UBA’s Group Executive Director-designate, Personal and Business Banking, Chidi Okpala, said the partnership reflects the bank’s commitment to making everyday aspirations more attainable while promoting a stronger credit culture and advancing financial inclusion.
“Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable,” Okpala said.
“A customer puts down 30 per cent, we finance the rest, and they pay us back comfortably over a three-year period. By removing the single biggest barrier to vehicle ownership, the upfront cost, we are showing what customer-first banking looks like in practice: making life easier by meeting our customers where they are and helping them get where they want to be.”
UBA’s Group Head, Consumer Lending, Frank Okoh, said the scheme was deliberately structured to make vehicle financing straightforward and accessible to both salaried and self-employed customers.
“We have kept the entry simple and the terms clear, whether you earn a salary or run your own business,” Okoh said.
“A short eligibility check at any branch or by email is all it takes to begin, and our team guides the customer through every step to the moment they collect their keys.”
For Mikano Motors, the partnership offers an opportunity to extend its vehicle ownership proposition to a wider pool of Nigerians while leveraging UBA’s consumer lending platform.
Mikano Motors General Manager, Tarek Mostafa, said the collaboration aligned with the company’s vision of providing customers with a premium vehicle ownership experience backed by dependable after-sales support.
“Mikano Motors was established to give Nigerians a high-end ownership experience, from the showroom to years down the road,” Mostafa said.
“The backbone of any automotive business is not just the sale, but the after-sales service that follows. Every vehicle we sell is backed by genuine spare parts, reliable maintenance and quality service available anywhere in the country. Wherever you are, we will come to meet you at no extra cost.
“Partnering with UBA lets more customers enjoy that experience, and we are proud to build lasting relationships alongside a bank that shares our commitment to service,” he added.
Established in 2018 under Mikano International, Mikano Motors builds on the group’s more than 35 years of operations in Nigeria. The company offers a diversified portfolio of vehicles backed by nationwide sales and after-sales services.
The partnership further strengthens UBA’s consumer lending proposition by providing customers with structured financing built around accessibility, affordability and convenience.
Through initiatives such as the Mikano Motors partnership, the bank said it would continue to broaden access to credit and help customers meet significant personal and lifestyle needs without the burden of substantial upfront payments.
UBA is one of Africa’s leading financial institutions, employing about 25,000 people and serving more than 45 million customers globally. It operates in 20 African countries as well as the United Kingdom, United States, France and the United Arab Emirates, providing retail, commercial and institutional banking services.
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