UBA, Mikano Motors ease vehicle ownership with auto financing scheme

United Bank for Africa (UBA) has teamed up with Mikano Motors to launch an auto financing scheme aimed at making it easier for Nigerians to purchase new vehicles. The initiative, called 'Drive Your Dream Today', requires customers to make an initial payment of only 30 percent of the vehicle's cost, with the bank financing the remaining 70 percent. This flexible financing solution allows customers to repay the financed amount over 36 months at an interest rate of 23 percent.

The partnership was unveiled at the Mikano Motors showroom in Victoria Island, Lagos, and is available to a wide range of customers, including those without a salaried income. Interested customers can check their eligibility by visiting a UBA branch or emailing consumerlending@ubagroup.com. Once approved, customers can obtain a proforma invoice for their chosen vehicle at Mikano Motors and complete the financing process.

UBA's Group Executive Director, designate, Personal and Business Banking, Chidi Okpala, stated that the partnership reflects the bank's commitment to making everyday aspirations more attainable and promoting a stronger credit culture. He emphasized that owning a car should not be out of reach for hardworking Nigerians, and that the 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 years period," Okpala added.

UBA's Group Head, Consumer Lending, Frank Okoh, explained that the scheme was designed to be simple 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."

Mikano Motors, established in 2018, aims to provide Nigerians with a high-end ownership experience supported by reliable after-sales services. The company's General Manager, Tarek Mostafa, noted that the collaboration aligns with Mikano Motors' vision and extends its vehicle ownership proposition to a wider pool of Nigerians. "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," Mostafa added.