UBA and Mikano Motors Launch Affordable Auto Financing

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 affordable for Nigerians. Customers can acquire new vehicles by paying a 30% deposit, with UBA financing the remaining 70%.

The scheme was unveiled at Mikano Motors' showroom in Victoria Island, Lagos, and allows repayment over 36 months at an interest rate of 23%. It is available to a broad range of customers, including salaried workers and self-employed individuals.

Prospective customers must complete an eligibility check at any UBA branch or via the bank's consumer lending email. Upon approval, they can obtain a proforma invoice from Mikano Motors.

Chidi Okpala, UBA’s Group Executive Director-designate, emphasized the initiative's goal of promoting financial inclusion and making car ownership attainable. Frank Okoh, UBA’s Group Head of Consumer Lending, noted the scheme simplifies vehicle financing.

Tarek Mostafa, General Manager of Mikano Motors, stated the partnership aligns with their commitment to high-end ownership experiences.