Access Bank Plc has introduced AutoFest, a new vehicle financing initiative designed to make car ownership more affordable for Nigerians as rising vehicle prices and economic pressures continue to weigh on household and business spending.
The programme enables customers to finance up to 90% of a vehicle’s purchase price, requiring an initial equity contribution of just 10%. The lender said the initiative is intended to lower the financial barriers that have traditionally prevented many Nigerians from purchasing vehicles while supporting growth in the country’s automotive industry.
Speaking at the launch in Lagos, Executive Director, Corporate and Investment Banking, Iyabo Soji-Okusanya, said the programme combines a fully digital application process with rapid loan approvals to simplify vehicle purchases.
“You apply online, and you go home with the keys to your car already in your pocket,” she said, adding that qualified applicants can receive credit decisions within 72 hours.
AutoFest brings together leading automotive manufacturers and dealerships, including CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, and CFAO, allowing customers to purchase both brand-new and certified pre-owned vehicles through a single financing platform.
According to Ishmael Nwokocha, Group Head of Access Bank Mobility, the bank spent six months working with industry stakeholders to develop a financing model aligned with current market realities. He noted that Nigeria records annual vehicle sales of roughly 100,000 units, with only about 10% comprising new vehicles, reflecting the affordability challenges facing consumers.
Beyond retail buyers, the financing scheme is also available to corporate organisations, small and medium-sized enterprises (SMEs), schools, hospitals and other institutions seeking to expand or renew their vehicle fleets. Access Bank said it is also preparing to extend the programme to operators in Nigeria’s transport and ride-hailing sectors who currently have limited access to formal credit.
To strengthen borrower confidence, Chizoba Iheme, Group Head of Product and Segment, said the bank has incorporated flexible repayment options, including loan restructuring for customers experiencing temporary financial difficulties. Borrowers will also be able to repay their loans ahead of schedule without incurring prepayment penalties.
Industry participants have welcomed the initiative as a timely intervention for Nigeria’s automotive market. Eniola Olutimilehin, Managing Director of CIG Motors, described the partnership as an important step towards improving access to vehicle ownership for both individuals and businesses.
The launch of AutoFest reinforces Access Bank’s broader strategy to expand vehicle asset financing, improve mobility, stimulate demand across the automotive value chain and support economic productivity. As financing becomes increasingly critical in a high-inflation environment, the initiative could help revive vehicle sales while providing businesses and households with greater access to essential transportation assets.
