United Bank for Africa and Mikano Motors launch auto financing scheme

United Bank for Africa (UBA) Plc and Mikano Motors have launched a new vehicle financing initiative titled ‘Drive Your Dream Today’ to facilitate easier access to new car ownership in Nigeria.

Under the scheme, eligible customers are required to make an initial 30 per cent down payment, while UBA finances the remaining 70 per cent of the vehicle cost. The financed amount is repayable in instalments over a 36-month period at an interest rate of 23 per cent.

The program is available to salaried employees as well as eligible self-employed individuals and entrepreneurs. According to Chidi Okpala, UBA’s Group Executive Director-designate for Personal and Business Banking, the partnership aims to promote financial inclusion and strengthen credit culture by lowering the upfront cost barrier to vehicle ownership.