Access Bank and Auto Dealers Aim to Increase Vehicle Ownership and Financial Inclusion

Nume Ekeghe

Access Bank Plc has teamed with leading automobile distributors to launch AutoFest, a vehicle‑financing programme aimed at making car ownership more affordable for Nigerians, expanding financial inclusion, and boosting growth throughout the country’s automotive value chain.

The programme, announced in Lagos in partnership with CFAO Mobility, CIG Motors, Elizade Motors, Kewalram Chanrai Group, Mikano Motors and Stallion Group, allows eligible customers to purchase brand‑new and certified pre‑owned vehicles with a minimum equity contribution of 10 percent and financing covering up to 90 percent of the vehicle’s value through a fully digital application process.

Executive Director, Corporate and Investment Banking at Access Bank, Iyabo Soji Okunsanya, said the initiative was created to eliminate one of the biggest obstacles to vehicle ownership in Nigeria: high upfront costs.

“For too long, vehicle ownership has been held back by one barrier—high upfront costs. Families need reliable mobility, entrepreneurs need productive assets, and businesses need to expand. Yet affordable financing has remained difficult to access,” she said.

Group Head, Mobility Business at Access Bank, Ishmael Nwokocha, added that AutoFest was designed to address structural challenges in Nigeria’s automotive industry, such as ageing inventories, financing bottlenecks and limited access to affordable vehicle ownership.

He explained that the bank is working with automobile manufacturers, dealers and government agencies to streamline vehicle documentation, registration and licensing while creating an integrated ecosystem that benefits both customers and dealers. Speaking on behalf of Mikano Motors, Marketing Manager Giselle Bejjani noted that the partnership followed months of collaboration aimed at tackling one of the biggest concerns of prospective buyers: affordable financing.