UBA, Mikano Motors ease vehicle ownership with auto financing scheme
Africa’s Global Bank, 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 and make them more accessible to Nigerians.
The flexible financing solution requires customers to make an initial equity 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 36 months at an interest rate of 23 percent.
The financing is available to a broad spectrum of applicants, including self-employed individuals and non-salaried entrepreneurs, providing a structured pathway to vehicle ownership for a wider demographic.
The process begins with a simple eligibility assessment. Interested customers can visit any UBA branch or email consumerlending@ubagroup.com to confirm their eligibility.
Once approved, applicants proceed to Mikano Motors to obtain a proforma invoice for their selected vehicle and finalize the financing agreement.
Speaking at the launch, UBA’s Group Executive Director-designate for Personal and Business Banking, Chidi Okpala emphasized that the partnership reflects the bank’s commitment to making everyday aspirations attainable while building a stronger credit culture and advancing financial inclusion.
“Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable.”
“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, where a customer only commits an upfront cost, we are showing what customer-first banking looks like in practice making their lives easier by meeting our customers where they are and helping them get where they want to be,” Okpala said.
UBA’s Group Head of Consumer Lending, Frank Okoh, noted that the scheme was structured to make vehicle financing straightforward and transparent for both salaried employees and business owners.
“We have kept the entry requirements simple and the terms clear, whether you earn a salary or run your own business.”
“A quick eligibility check at any branch or via email is all it takes to begin, and our team guides the customer through every step until they receive their keys,” Okoh said.
For Mikano Motors, the collaboration expands its vehicle ownership reach across a broader pool of Nigerian consumers.
The company’s General Manager, Tarek Mostafa, stated that the partnership aligns with Mikano Motors’ vision of offering a premium ownership experience backed by reliable nationwide after-sales support.
“Mikano Motors was established to give Nigerians a high-end ownership experience, from the showroom to years down the road.”
“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 will come to meet you at no extra cost,” Mostafa said.
He added, “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.”
Established in 2018 as a division of Mikano International, Mikano Motors leverages over 35 years of the group’s operational presence in Nigeria, offering a diversified portfolio of passenger and commercial vehicles supported by an extensive sales and service network.
The partnership reinforces UBA’s consumer lending strategy, offering structured financing solutions built around accessibility, affordability, and convenience. Through strategic collaborations, the bank continues to expand access to credit while helping clients meet significant personal and lifestyle goals.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide, serving over 45 million customers globally. Operating across 20 African countries, the United Kingdom, the United States, France, and the United Arab Emirates, UBA delivers retail, commercial, and institutional banking solutions while driving financial inclusion across key markets.