Nigerians can now own cars with 10% deposit as Access Bank unveils AutoFest Initiative

Stanley Ihedigbo

Access Bank has introduced a new vehicle financing programme designed to make automobile ownership more affordable for Nigerians by allowing customers to purchase vehicles with just a 10 per cent initial deposit while the bank finances up to 90 per cent of the vehicle’s value.

The initiative, unveiled during the AutoFest event in Lagos, is expected to ease the financial burden associated with vehicle acquisition while supporting businesses, transport operators and the country’s automotive industry.

Speaking at the launch, Executive Director, Corporate and Investment Banking Division, Access Bank, Iyabo Soji-Okusanya, said the programme was created to eliminate financing barriers that have prevented many Nigerians from owning vehicles.

According to her, the platform offers a seamless digital application process through which customers can apply for financing and receive approval without the lengthy procedures traditionally associated with vehicle loans.

“You apply online, and you go home with the keys to your car already in your pocket,” she said, highlighting the simplicity and speed of the process.

She explained that the financing platform brings together leading automobile manufacturers and dealers, including CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, CFAO and several other mobility providers under one ecosystem, enabling customers to purchase both new and certified pre-owned vehicles through a single financing process.

Beyond individual buyers, Soji-Okusanya noted that the initiative is expected to strengthen businesses by providing easier access to operational vehicles while helping automobile dealers improve inventory turnover and unlock capital tied up in unsold stock.

Providing further details of the programme, Group Head, Access Bank Mobility, Ishmael Nwokocha, disclosed that the bank spent six months consulting vehicle dealers and other stakeholders across the automotive value chain before introducing the financing solution.

He observed that Nigeria records approximately 100,000 vehicle sales annually, with only about 10 per cent comprising brand-new vehicles, while the remaining 90 per cent are pre-owned, a trend largely driven by rising vehicle costs and limited access to affordable financing.

“What are we offering today? Come with 10 per cent equity contribution, and we’ll finance the remaining 90 per cent,” Nwokocha stated.

According to him, customers will also benefit from comprehensive insurance packages, after-sales services and a digital loan management system that enables applicants, dealers and the bank to monitor every stage of the financing process.

He added that the programme extends beyond individual consumers to corporate organisations, schools, hospitals and small and medium-sized enterprises requiring vehicles for business operations and fleet expansion.

Nwokocha further disclosed that Access Bank intends to extend the initiative to operators in Nigeria’s ride-hailing and commercial transport sectors who currently operate outside the formal banking system, thereby promoting greater financial inclusion.

Also speaking, Group Head, Product and Segment, Access Bank, Chizoba Iheme, assured prospective customers that the bank has incorporated flexible repayment measures to support borrowers experiencing temporary financial challenges.

She explained that customers facing repayment difficulties would have the opportunity to restructure their loans instead of immediately losing their vehicles.

“So long as the vehicle is still valid and running on the road, we can review your finances and repackage your loan,” she said.

Iheme also clarified that customers are under no obligation to keep their loans for the entire approved repayment period, noting that outstanding balances can be settled ahead of schedule without restriction.

She emphasized that the programme is open to individuals, corporate organisations and small businesses seeking vehicles for either commercial or operational purposes.

Managing Director of CIG Motors, Eniola Olutimilehin, described the partnership as a significant step towards improving vehicle accessibility for Nigerians.
She said the collaboration would bridge the gap between vehicle buyers and financing institutions while supporting entrepreneurs and businesses that rely on transportation assets to drive growth.

According to her, improved access to vehicle financing will not only enhance personal mobility but also contribute to economic productivity by enabling more businesses to acquire the transportation assets they require.

Access Bank said the initiative forms part of its broader vehicle asset financing strategy aimed at expanding access to vehicle ownership, promoting mobility solutions and supporting economic development across Nigeria through innovative financial products.