Africa’s Global financial institution, United Bank for Africa (UBA) Plc, has partnered with Mikano Motors to launch an auto financing scheme themed ‘Drive Your Dream.’ Today’, specifically designed to ease the purchase of new vehicles by making them more accessible to Nigerians.
The Flexible Financing Solutions Initiative requires customers to make an initial payment of just 30 percent while the bank finances the remaining 70 percent.
Unveiled at the Mikano Motors showroom in Victoria Island, Lagos, the scheme allows eligible customers to repay the financed amount in installments over a period of 36 months at an interest rate of 23 percent.
Availability
The financing is available to a broad range of customers, including individuals who are not on a salaried income, providing entrepreneurs, and other eligible Nigerians with a structured pathway to vehicle ownership.
The process begins with a simple eligibility check. Interested customers can visit their nearest UBA branch or email consumerlending@ubagroup.com to confirm their eligibility.
Once approved, customers can proceed to Mikano Motors to obtain a proforma invoice for their preferred vehicle and continue with the financing process.
Speaking at the launch, UBA’s Group Executive Director, designate, Personal and Business Banking, Chidi Okpala, said the partnership reflects the bank’s commitment to making everyday aspirations more attainable while promoting a stronger credit culture and advancing financial inclusion.
Okpala stated, “This partnership makes car ownership more attainable for hardworking Nigerians.”
“A customer puts down 30 percent, we finance the rest, and they pay us back comfortably over a three-year period. By removing the single biggest barrier to vehicle ownership, which is the requirement for customers to make a significant upfront payment, we are demonstrating what customer-first banking looks like in practice: making their lives easier by meeting them where they are and helping them achieve their goals.
Accessible
Also speaking, UBA’s Group Head, Consumer Lending, Frank Okoh, said the scheme was designed to make vehicle financing straightforward and accessible to both salaried and self-employed customers.
“We have kept the entry simple and the terms clear, whether you earn a salary or run your own business,” Okoh said.
“A short eligibility check at any branch or by email is all it takes to begin, and our team guides the customer through every step to the moment they collect their keys.”
For Mikano Motors, the partnership provides an opportunity to extend its vehicle ownership proposition to a wider pool of Nigerians.
The company’s General Manager, Tarek Mostafa, said the collaboration aligns with Mikano Motors’ vision of providing customers with a high-end ownership experience supported by reliable after-sales services.
“Mikano Motors Mostafa stated, “Mikano Motors aims to provide Nigerians with a high-end ownership experience, from the showroom to years down the road,” Mostafa said.
“The backbone of any automotive business is not just the sale, but the after-sales service that follows. Every vehicle we sell is backed by genuine spare parts, reliable maintenance, and quality service available anywhere in the country. Wherever you are, we would come meet you at no extra cost.”
“Partnering with UBA lets more customers 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 under Mikano International, Mikano Motors builds on more than 35 years of the group’s presence in Nigeria. The company offers a diversified portfolio of vehicles supported by nationwide sales and after-sales services.
The partnership further strengthens UBA’s consumer lending proposition, providing customers with structured financing solutions designed around accessibility, affordability, and convenience.
Through partnerships such as this, the bank continues to expand access to credit while helping customers meet significant personal and lifestyle needs with ease.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally.
Operating in twenty African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates, UBA provides retail, commercial, and institutional banking services, leading financial inclusion, and implementing cutting-edge technology.
