Access Bank Plc has unveiled AutoFest, a vehicle financing programme designed to make car ownership more affordable for Nigerians as soaring vehicle prices and challenging economic conditions put increasing pressure on consumers.
The initiative offers financing of up to 90 per cent for the purchase of new and certified pre-owned vehicles, with customers required to provide a minimum equity contribution of 10 per cent. It also features flexible repayment plans of more than four years and a simplified digital application process to speed up access to financing.
Speaking at the launch in Lagos, the Executive Director of Access Bank’s Corporate and Investment Banking Division, Iyabo Soji-Okusanya, said the programme was created to remove the financial barriers that have long prevented many Nigerians from owning vehicles.
“You apply online, and you go home with the keys to your car already in your pocket”, Soji-Okusanya said, emphasising the speed of the digital platform.
“The programme is designed to address financing constraints that have limited vehicle ownership in the country”, he added.
The AutoFest initiative brings together leading automotive manufacturers and mobility dealers, including CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, and CFAO, under a single financing ecosystem aimed at simplifying vehicle purchases.
The Group Head of Access Bank Mobility, Ishmael Nwokocha, said the bank spent six months working closely with industry partners to develop a financing solution that reflects current market realities.
He noted that soaring vehicle prices have significantly reduced affordability for many Nigerians, making innovative financing options increasingly necessary.
“What are we offering today? Come with 10 per cent equity contribution, and we’ll finance the 90 per cent”, Nwokocha stated. “Nigeria records annual vehicle sales of about 100,000 units, with only about 10 per cent being brand-new vehicles. Rising vehicle prices have significantly reduced affordability for many Nigerians.”
Nwokocha added that the financing programme is not limited to individual customers but also caters to corporate organisations, schools, and hospitals seeking to acquire vehicle fleets. He said Access Bank is also working to onboard transport operators and ride-hailing drivers who have traditionally lacked access to formal banking services, broadening the initiative’s reach across Nigeria’s mobility sector.
Addressing concerns over the risk of loan defaults amid Nigeria’s challenging economic environment, the Group Head of Product and Segment at Access Bank, Chizoba Iheme, said the bank has established safeguards to assist customers experiencing temporary financial difficulties, providing support to help them meet their repayment obligations.
“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”, Iheme explained, adding that customers are also permitted to liquidate their loans early without penalty.
Industry stakeholders have welcomed the initiative, describing it as a timely boost for Nigeria’s automotive sector.
The Managing Director of CIG Motors, Eniola Olutimilehin, said the partnership closes a critical financing gap by linking qualified buyers with structured credit, a move expected to accelerate vehicle sales and improve inventory turnover for dealerships.
“The collaboration is expected to improve access to vehicles for individuals and entrepreneurs requiring transportation assets for personal and commercial activities.
“This partnership will help connect vehicle buyers with financing while supporting mobility and business operations”, the CIG MD said.
