UBA and Mikano Motors has partnered to launch auto financing scheme with 30% down payment.
NewsOnline Nigeria reports that United Bank for Africa Plc and Mikano Motors have launched a vehicle financing scheme that will allow eligible Nigerians to purchase new cars with a 30 per cent initial contribution.
Under the initiative, titled “Drive Your Dream Today,” UBA will finance the remaining 70 per cent of the vehicle’s cost, while approved customers will repay the loan in instalments over 36 months.
The scheme, which was unveiled at the Mikano Motors showroom in Victoria Island, Lagos, carries an interest rate of 23 per cent, subject to the bank’s applicable terms and eligibility requirements.
It is open to salaried and eligible self-employed customers, including entrepreneurs seeking a structured route to vehicle ownership.
Interested applicants can begin with an eligibility assessment at any UBA branch or by emailing consumerlending@ubagroup.com.
Customers who receive approval can then visit Mikano Motors to select a vehicle and obtain a pro forma invoice before completing the financing process.
Speaking at the launch, UBA’s Group Executive Director-designate for Personal and Business Banking, Chidi Okpala, said the partnership was designed to make vehicle ownership more attainable while strengthening Nigeria’s credit culture and promoting financial inclusion.
“Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable,” Okpala said.
He explained that customers would contribute 30 per cent of the vehicle’s cost, while UBA would finance the balance for repayment over three years.
“By removing the single biggest barrier to vehicle ownership—the substantial upfront cost—we are demonstrating what customer-first banking looks like in practice,” he added.
UBA’s Group Head of Consumer Lending, Frank Okoh, said the application process had been simplified for salaried and self-employed customers.
“We have kept the entry process simple and the terms clear, whether you earn a salary or run your own business,” Okoh said.
“A brief eligibility assessment at any branch or by email is all it takes to begin, and our team will guide the customer through every stage until the vehicle is collected.”
Mikano Motors General Manager Tarek Mostafa said the partnership would enable more Nigerians to access the company’s vehicles and after-sales services.
“Mikano Motors was established to give Nigerians a high-end ownership experience, from the showroom to the years that follow,” Mostafa said.
He noted that the strength of an automotive company depended not only on vehicle sales but also on the quality of its after-sales support.
According to him, vehicles sold by Mikano Motors are supported with genuine spare parts, maintenance services and nationwide assistance.
“Partnering with UBA allows more customers to enjoy that experience, and we are proud to build lasting relationships alongside a bank that shares our commitment to service,” he added.
Established in 2018 as part of Mikano International, Mikano Motors builds on the group’s more than 35 years of operations in Nigeria. The company offers a range of vehicles supported by sales and after-sales services.
The partnership expands UBA’s consumer lending portfolio by providing customers with structured financing for major personal and lifestyle purchases.
UBA’s general auto-loan offering also provides financing for new and pre-owned vehicles from approved dealers, subject to credit checks, repayment capacity and other conditions listed by the bank.
United Bank for Africa operates in 20 African countries, as well as the United Kingdom, the United States, France and the United Arab Emirates. The bank says it serves more than 45 million customers and employs about 25,000 people across its operations.
