UBA and Mikano Motors Launch 70% Vehicle Financing Scheme

United Bank for Africa Plc (UBA) has announced a partnership with Mikano Motors to provide vehicle financing that covers up to 70% of the cost of new vehicles under the “Drive Your Dream Today” scheme, launched in Lagos. Eligible customers must make a 30% down payment, with UBA financing the remaining 70% repayable over 36 months at an interest rate of 23%.

This financing option is available to both salaried and self-employed Nigerians, including entrepreneurs. Chidi Okpala, UBA’s Group Executive Director-designate for Personal and Business Banking, stated that the initiative aims to alleviate the financial burden of vehicle purchases.

Frank Okoh, UBA’s Group Head of Consumer Lending, mentioned that customers can start the process at a UBA branch or via the bank’s email channel. Tarek Mostafa, General Manager of Mikano Motors, noted that the partnership would enhance vehicle affordability and provide necessary sales and after-sales support.

This initiative addresses the rising costs of new vehicles in Nigeria.