Lagos: 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.
According to News Agency of Nigeria, the Executive Director of Corporate and Investment Banking Division at Access Bank, Mrs. Iyabo Soji-Okusanya, stated that the programme was designed to remove the financial barriers limiting vehicle ownership in Nigeria. She emphasized the critical role mobility plays 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 explained that 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. The platform enables customers to select new or certified pre-owned vehicles, secure financing, and complete the purchase process seamlessly.
The Group Head of Access Bank Mobility, Mr. Ishmael Nwokocha, highlighted that the initiative was developed to connect vehicle buyers, dealers, financiers, insurers, and government agencies on a single platform. Nwokocha mentioned that successful applicants would receive their vehicles and documentation within 72 hours after meeting the necessary requirements. The scheme caters to individuals, Small and Medium Enterprises (SMEs), and corporate organizations, including businesses seeking fleet acquisition solutions.
Mr. Olumide Olatunji, the bank’s Head of Retail Banking, noted that 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, also remarked that 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 highlighted the benefits of the partnership to vehicle buyers and the automotive industry.
Responding to questions from journalists, the Group Head of Products and Segments at Access Bank, Mrs. Chizoba Iheme, confirmed that the scheme covers both new and certified pre-owned vehicles. Iheme stated that customers facing repayment challenges could access loan restructuring options. She added that the programme was open to individuals, SMEs, schools, hospitals, and corporate organizations requiring vehicles for operational purposes.