News Highlights
- Access Bank launches a digital auto financing platform offering up to 90% vehicle financing with only 10% equity contribution.
- The initiative, developed in partnership with major automobile companies, aims to democratise vehicle ownership and deepen financial inclusion.
Access Bank has reaffirmed its commitment to reshaping Nigeria’s mobility landscape through innovative vehicle financing solutions that make car ownership more accessible to individuals and businesses.
The initiative, unveiled in collaboration with CFAO Mobility, CIG Motors, Elizade Motors, Kewalram Chanrai Group, Mikano Motors, and Stallion Group, allows qualified customers to acquire brand-new or certified pre-owned vehicles with just a 10% equity contribution and financing of up to 90% of the vehicle’s value. Applications are processed digitally, ensuring speed and transparency.
Bridging Nigeria’s Mobility Gap
Speaking at the launch of the Access Bank Auto Fest in Lagos, Mrs. Iyabo Soji-Okusanya, Executive Director of Corporate and Investment Banking, explained that the programme was designed to address Nigeria’s widening mobility gap.
She noted that millions of Nigerians—including families, entrepreneurs, and businesses—require reliable transportation but face barriers due to high upfront costs and limited financing options. Dealers, too, struggle with slow sales cycles, ageing inventories, and liquidity constraints.
“The outcome is clear: low ownership levels, overstretched public transport systems, and informal arrangements without transparency or trust,” she said.
Soji-Okusanya emphasized that Access Bank views mobility as more than transportation—it is a catalyst for productivity, commerce, and inclusion. “Our proposition is simple but powerful: to convert aspiration into ownership,” she added.
A Digital-First Ecosystem
Under the scheme, customers can apply online, receive credit decisions within days, and drive away with their preferred vehicles. The platform integrates manufacturers and dealers, enabling transparent purchases of both new and certified pre-owned cars.
She explained that the initiative aligns with Access Bank’s 2026 corporate strategy, focusing on earnings growth, revenue diversification, balance sheet strengthening, efficient scaling through partnerships, and a digital-first model.
“For Access Bank, this is a clear statement of leadership in Nigeria’s evolving mobility sector. We are moving beyond traditional lending to become an enabler of transportation, enterprise growth, and economic participation,” she said.
Tackling Economic Realities
Group Head of Access Bank Mobility, Ishmael Nwokocha, highlighted the economic challenges that have made car ownership increasingly difficult. Currency depreciation since 2014, he noted, has eroded purchasing power.
“Today in Nigeria, it takes you three times more work to own the same value of car you had before,” he said.
He pointed out that ageing vehicle inventories and disappearing brands have worsened maintenance challenges. The new platform, he explained, integrates banks, consumers, insurers, and government agencies to bridge these gaps.
“Once you do your equity contribution, in a few days the car, the keys, and the documentation are in your hands,” Nwokocha assured.
The scheme caters to individuals and corporates, offering fleet acquisition and inventory financing. It also aims to extend access to unbanked Nigerians, particularly ride-hailing operators.
Simplifying Vehicle Ownership
Head of Retail Banking, Olumide Olatunji, said the initiative was designed to attract more customers by simplifying vehicle ownership.
“We want to make a bold statement in Access Bank. This whole conversation is to pull many more people to bank with us because they will see value in how we serve,” he said.
Unlike traditional banking processes, Access Bank now offers auto loans with approval timelines of 72 hours or less. “If you are an individual, you are qualified. If you are an SME, you are qualified. If you are a corporate, you are qualified,” Olatunji stressed.
He added that the scheme is nationwide, with beneficiaries across the South-West, East, and North. “What we do in Lagos, we can do in any branch where Access Bank operates,” he said.
Supporting Customers in Difficulties
Responding to concerns about loan repayment challenges, Group Head, Product and Segment, Access Bank, Mrs. Chizoba Iheme, said the bank has put measures in place to support customers facing financial difficulties. Rather than immediately repossess vehicles, she explained, affected borrowers would be given opportunities to restructure their loans.
Partner Perspectives
Mikano Motors Marketing Manager Giselle Bejjani said the partnership would give more Nigerians access to brand-new vehicles through flexible financing.
“From the marketing perspective, one of the major questions we get whenever we showcase our vehicles is: ‘How do we fund this? How can we afford it?’” she explained.
Bejjani stressed that Nigerians deserve premium products, warranty coverage, and reliable after-sales support. “Nigerians deserve service centres that won’t stress them out, as well as nationwide after-sales support,” she said.
CIG Motors Managing Director Eniola Olutimilehin described the Auto Fest as a practical solution for easier vehicle ownership.
“Our commitment is to providing reliable, affordable vehicles with strong after-sales support and nationwide service capabilities,” she said.
Olutimilehin emphasized that the partnership would enhance business productivity and sustainability. “Together with Access Bank, we are going to put vehicles on the road for capable individuals and entrepreneurs,” she added.
Kewalram Chanrai Group’s Guarev Kaul underscored the importance of consumer financing in boosting new vehicle adoption.
“Nigeria is dominated by used cars. We definitely need financing solutions to make sure that the intake of new cars increases because they are safer and more reliable,” he said.
Kaul argued that Nigeria should build its own ecosystem of locally used cars rather than relying on imports, and praised Access Bank’s initiative, noting that customers would enjoy complimentary servicing packages during their loan tenure.
“You get the financing from the bank and a complimentary servicing package for the whole period of your financing free from our side,” he said.
The Access Bank Auto Fest represents a bold step toward democratizing vehicle ownership in Nigeria. By integrating financial services with trusted automotive partners, the initiative addresses affordability, accessibility, and transparency challenges in the market.
From Access Bank executives to automotive partners, the consensus is clear: mobility is not a privilege for the few but an opportunity for many.