Lagos, Nigeria — Vehicle ownership just became more accessible for Nigerians as Access Bank has rolled out a new financing initiative that allows customers to buy cars with only a 10% deposit.
Unveiled at AutoFest in Lagos on Friday, the scheme covers up to 90% of a vehicle’s value and offers repayment tenures of more than four years.
The program targets both individuals and businesses, including schools, hospitals, and corporate fleets.
Iyabo Soji-Okusanya, Executive Director, Corporate, and Investment Banking Division at Access Bank, said the digital-first process eliminates traditional financing bottlenecks.
According to him, “You apply online, and you go home with the keys to your car already in your pocket.”
Customers contribute a minimum 10% equity, while Access Bank finances the remaining 90%. The platform integrates manufacturers and dealers including CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, and CFAO. Buyers can choose new or certified pre-owned vehicles through a single application.
Group Head, Access Bank Mobility, Ishmael Nwokocha, revealed that the bank spent six months consulting dealers and automotive stakeholders before launch.
He noted Nigeria’s auto market sees about 100,000 units sold annually, but only 10% are brand-new. The other 90% are pre-owned, and rising prices have pushed affordability unreachable for many.
“What are we offering today? Come with 10 per cent equity contribution, and we’ll finance the 90 per cent,” Nwokocha said. The scheme also bundles insurance, after-sales services, and a digital loan tracker for applicants, dealers, and the bank.
Beyond personal use, the initiative targets corporate organisations and SMEs needing operational fleets. Nwokocha added that Access Bank plans to extend financing to ride-hailing and transport operators who are currently outside formal banking systems.
For dealers, the program aims to speed up inventory turnover and free up capital tied in unsold stock.
Chizoba Iheme, Group Head, Product and Segment, Access Bank, assured customers facing financial difficulty that loans can be restructured. She said, “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,” she said.
She clarified that borrowers aren’t locked into the full tenor and can pay off loans early. Financing is open to individuals, corporates, and small businesses for commercial or operational use.
Eniola Olutimilehin, Managing Director of CIG Motors, said the partnership will connect more buyers to financing while supporting mobility and business operations.
She expects the collaboration to improve access for individuals and entrepreneurs who need vehicles for personal and commercial activities.
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