Elizade JAC Autoland Limited and Sterling Bank Plc have agreed a structured financing partnership to address financing barriers that limit vehicle ownership in Nigeria. The initiative is designed to give a larger segment of the population the ability to acquire brand-new vehicles through fixed financing options that extend up to four years. Both companies say this collaboration will reduce historical constraints linked to vehicle purchase financing and widen access to new mobility solutions.
The arrangement was formally announced at an event at the Elizade JAC Autoland headquarters in Lagos. Leaders of both organisations described the partnership as a deliberate effort to simplify the process for Nigerians to buy new vehicles. Elizade JAC Autoland is the official distributor of JAC brand vehicles in Nigeria. Sterling Bank, with its financial expertise, will provide the credit and structured repayment framework under the agreement.
Elizade JAC’s Managing Director, Demola Ade-Ojo, stated that the partnership aligns with the company’s objective of making quality vehicle ownership accessible and valuable for customers. He positioned the collaboration as a response to an identified market need, noting that the combined offering of structured financing, diverse vehicle options, and customer support will improve the efficiency of the purchase journey.
Ade-Ojo said, “At Elizade JAC Autoland, our goal has always been to make quality vehicle ownership more accessible and rewarding. Today’s partnership brings that goal closer to reality.” This statement underscores the strategic focus on increasing access to new vehicles without placing full cost burdens on buyers upfront.
He also noted that customers participating in the scheme will benefit from “structured vehicle financing solutions, flexible repayment tenors and dedicated support from both Sterling Bank and Elizade JAC throughout the entire purchase process and after.” This suggests that support extends beyond the point of payment into post-purchase engagement with customers.
Sterling Bank’s Vice President for Consumer Banking, David Adebayo, positioned the initiative within the bank’s broader strategic objectives. He explained that the financing aligns with the bank’s operational strategy, which recognises transportation as a crucial element for economic productivity. Adebayo emphasised that partnership across industries is critical to achieving significant outcomes in expanding access to finance for essential assets like vehicles.
Adebayo said, “Transportation is our focus here, and we understand that we cannot achieve maximum impact alone. Collaboration across industries is essential.” This reflects a strategy where financial institutions work with specialised sector players to deliver practical solutions rather than operating in isolation.
Under the terms of this financing scheme, eligible customers will have access to structured auto financing with flexible repayment terms. The loans are available to both existing Sterling Bank clients and new customers who qualify under the bank’s credit standards. The structure is intended to be manageable over a defined period, allowing for predictable repayment planning.
Adebayo also outlined how customers can engage the offering: they can identify a desired vehicle, obtain a proforma invoice from Elizade JAC, and submit it to Sterling Bank to begin the financing process. Sterling Bank clients will receive additional incentives including a 10 per cent discount on all vehicles purchased under the scheme. Pre-approved credit limits for existing customers aim to speed up approval and delivery once documentation is complete.
The Head of Corporate Sales at Elizade JAC Autoland, Oluwaseun Ayanbadejo, framed the partnership as a direct response to delays typically associated with auto financing in the Nigerian market. He stated that eliminating these delays and supporting efficient delivery are explicit goals of the programme, indicating a strategic push for operational efficiency and customer satisfaction.
Ayanbadejo said, “Our main goal is to ensure that all customers receive the solutions they need and can complete their vehicle purchase efficiently. This partnership with Sterling Bank supports fast delivery for auto financing, so customers do not need to wait months for their vehicles.” This confirms a priority on reducing processing times and improving service reliability.
