UBA and Mikano Launch Auto Financing Scheme in Nigeria

United Bank for Africa (UBA) Plc has partnered with Mikano Motors to introduce an auto financing scheme named ‘Drive Your Dream Today’, aimed at making vehicle ownership more accessible for Nigerians. The initiative allows customers to make an initial payment of 30% of the vehicle's cost, with UBA financing the remaining 70%.

Customers can repay the financed amount in installments over 36 months at an interest rate of 23%. This scheme is open to a wide range of customers, including those not on a salaried income, thus providing a structured pathway to vehicle ownership for entrepreneurs and other eligible Nigerians.

At the launch event held at Mikano Motors' showroom in Lagos, UBA’s Group Executive Director, designate, Personal and Business Banking, Chidi Okpala, emphasized the bank's commitment to financial inclusion and making car ownership attainable. UBA’s Group Head of Consumer Lending, Frank Okoh, noted the simplicity of the eligibility process, while Mikano Motors’ General Manager, Tarek Mostafa, highlighted the partnership's alignment with their vision of providing a high-end ownership experience.