CIG Motors and Stanbic IBTC Launch Vehicle Financing Scheme
• Punch Newspapers • Business
CIG Motors and Stanbic IBTC have officially partnered to launch a vehicle payment scheme designed to simplify vehicle financing for Nigerians. This initiative aims to dismantle high entry barriers associated with upfront capital, allowing individuals to acquire brand new vehicles with a flexible repayment structure. The scheme targets middle-income earners, enabling them to start acquiring vehicles from N3 million upwards, with a monthly interest rate of 2.1% and a repayment window of up to 60 months. Eniola Olutimilehin, Chief Operating Officer of CIG Motors, emphasized that traditional financing methods have kept many capable individuals from growing their businesses. The partnership aims to increase penetration in the new vehicle market, which has been traditionally dominated by pre-owned imports. The scheme is expected to enhance mobility across the country, with CIG Motors positioned to deliver 15,000 vehicles annually. The automotive market in Nigeria has historically relied on imports, with data indicating that approximately 131 vehicles sold are imported, highlighting the need for local production and financing solutions.
Topics: Business, Banking