Buying a car in Nigeria just got a whole lot easier. Africa’s Global Bank, United Bank for Africa (UBA) Plc, has joined forces with Mikano Motors to launch an auto financing scheme called ‘Drive Your Dream Today’. The goal is simple: make new vehicles more accessible by slashing the upfront cost. Instead of stumping up the full price, customers only need to pay 30 percent down, with UBA covering the remaining 70 percent.
The scheme was unveiled at the Mikano Motors showroom in Victoria Island, Lagos. Eligible buyers can repay the financed amount in monthly instalments over 36 months, with an interest rate of 23 percent. What sets this apart is its reach. It is not just for salaried workers. Entrepreneurs, self-employed individuals, and other Nigerians who do not have a regular paycheck can also apply, giving them a clear and structured path to owning a vehicle.
Getting started is straightforward. Interested customers can walk into any UBA branch or send an email to [email protected] to check if they qualify. Once approved, they head to Mikano Motors to get a proforma invoice for their preferred car and complete the financing process.
Chidi Okpala, UBA’s Group Executive Director designate for Personal and Business Banking, said the partnership is about turning everyday dreams into reality. “Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable,” he said. “A customer puts down 30 percent, we finance the rest, and they pay us back comfortably over a three-year period. By removing the single biggest barrier to vehicle ownership, we are showing what customer-first banking looks like in practice. We are meeting our customers where they are and helping them get where they want to be.”
Frank Okoh, UBA’s Group Head of Consumer Lending, echoed that sentiment, stressing how the scheme is built for simplicity. “We have kept the entry simple and the terms clear, whether you earn a salary or run your own business,” Okoh said. “A short eligibility check at any branch or by email is all it takes to begin, and our team guides the customer through every step to the moment they collect their keys.”
For Mikano Motors, the deal is a chance to broaden its customer base. Tarek Mostafa, the company’s General Manager, said the collaboration fits perfectly with their mission of delivering a premium ownership experience backed by dependable after-sales support. “Mikano Motors was established to give Nigerians a high-end ownership experience, from the showroom to years down the road,” Mostafa said. “The backbone of any automotive business is not just the sale, but the after-sales service that follows. Every vehicle we sell is backed by genuine spare parts, reliable maintenance and quality service available anywhere in the country. Wherever you are, we would come meet you at no extra cost.” He added, “Partnering with UBA lets more customers enjoy that experience, and we are proud to build lasting relationships alongside a bank that shares our commitment to service.”
Mikano Motors, established in 2018 under Mikano International, builds on more than 35 years of the group’s presence in Nigeria. The company offers a diverse range of vehicles supported by nationwide sales and after-sales services.
This partnership is another step in UBA’s push to expand consumer lending. By offering structured financing that is accessible, affordable, and convenient, the bank is making it easier for customers to meet major personal and lifestyle needs. UBA, which employs 25,000 people and serves over 45 million customers globally, operates in twenty African countries, as well as the United Kingdom, the United States of America, France, and the United Arab Emirates. The bank continues to lead in financial inclusion and cutting-edge technology, and this auto financing scheme is proof that it is listening to what customers actually need.
