Access Bank Launches Vehicle Financing with 90% Funding

Access Bank has introduced a vehicle financing initiative in Lagos, enabling Nigerians to acquire vehicles with a mere 10% deposit while financing up to 90% of the vehicle's value. The program was unveiled during the Autofest event and aims to alleviate the financial burden associated with vehicle acquisition.

Iyabo Soji Okusanya, Executive Director of Corporate Investment Banking at Access Bank, stated that the initiative will eliminate financial barriers preventing vehicle ownership. The platform offers a seamless digital application process, allowing customers to receive financing approval without lengthy traditional procedures.

The initiative also includes partnerships with leading automobile manufacturers and dealers, such as CIG Motor and Mikano Motor. Ishmael Nwokocha, Group Head of Access Bank Mobile, noted that the bank consulted with vehicle dealers for six months to develop this solution.

The program is designed to benefit individuals and corporate organizations, including small and medium-sized enterprises, and aims to enhance access to vehicles for commercial purposes.