Access Bank Plc has unveiled a vehicle financing initiative aimed at addressing the high cost of ownership and improving access to mobility for individuals and businesses through flexible financing solutions.
The initiative, tagged Access Auto Fest, is being implemented in partnership with leading automobile distributors, including CFAO, CIG Motors, Elizade, Kewalram Chanrai Group, Mikano Motors Division and Stallion.
Speaking at the unveiling of the initiative in Lagos on Friday, the Executive Director, Corporate and Investment Banking Division, Access Bank, Mrs Iyabo Soji-Okusanya, said the programme was designed to remove the financial barriers limiting vehicle ownership in Nigeria.
According to her, mobility plays a critical role in productivity, commerce and economic participation.
“At Access Bank, we see mobility as more than transportation. It is productivity, commerce, inclusion and economic participation.
“This conviction is the foundation of Access Auto Fest and our broader vehicle asset financing initiative. Our proposition is simple and powerful: convert aspiration into ownership,” she said.
Soji-Okusanya said customers could access financing of up to 90 per cent of a vehicle’s value with a minimum equity contribution of 10 per cent.
She added that credit decisions would be made within 72 hours through a fully digital application process.
According to her, the platform enables customers to select new or certified pre-owned vehicles, secure financing and complete the purchase process seamlessly.
The Group Head, Access Bank Mobility, Mr Ishmael Nwokocha, said the initiative was developed to connect vehicle buyers, dealers, financiers, insurers and government agencies on a single platform.
Nwokocha said successful applicants would receive their vehicles and documentation within 72 hours after meeting the necessary requirements.
He added that the scheme caters to individuals, Small and Medium Enterprises (SMEs) and corporate organisations, including businesses seeking fleet acquisition solutions.
Also speaking, the bank’s Head of Retail Banking, Mr Olumide Olatunji, said the financing programme was available nationwide and aimed at making vehicle ownership easier for individuals and businesses.
The Managing Director of CIG Motors, Mrs Eniola Olutimilehin, said the partnership would make vehicle ownership easier, faster and more affordable for Nigerians.
Representatives of CFAO, Elizade, Kewalram Chanrai Group, Mikano Motors Division and Stallion also highlighted the benefits of the partnership to vehicle buyers and the automotive industry.
Responding to questions from journalists, the Group Head, Products and Segments, Access Bank, Mrs Chizoba Iheme, said the scheme covers both new and certified pre-owned vehicles.
Iheme said customers facing repayment challenges could access loan restructuring options.
She added that the programme was open to individuals, SMEs, schools, hospitals and corporate organisations requiring vehicles for operational purposes.
