UBA, Mikano Ease Vehicle Ownership With Auto Financing Scheme

United Bank for Africa (UBA) and Mikano Motors have teamed up to introduce an auto financing scheme called 'Drive Your Dream Today.' This initiative targets Nigerians seeking to purchase new vehicles, making it more accessible and affordable. Under this scheme, customers only need to pay a 30% down payment, while UBA finances the remaining 70%.

The repayment period for the financed amount is set at 36 months, with an interest rate of 23%. The flexible financing solutions are open to a wide range of customers, including those without a salaried income, entrepreneurs, and other eligible Nigerians. UBA's Group Executive Director, designate, Personal and Business Banking, Chidi Okpala, emphasized that owning a car should not be unattainable for hardworking Nigerians, and this partnership simplifies the process.

Group Head of Consumer Lending, Frank Okoh, highlighted that the scheme keeps the entry process straightforward and the terms clear for both salaried and self-employed customers. Mikano Motors' General Manager, Tarek Mostafa, noted that the collaboration aims to provide a high-end ownership experience, supported by reliable after-sales services.