UBA and Mikano Motors Launch Easy Car Financing Plan

Africa's Global Bank, United Bank for Africa (UBA) Plc, has teamed up with Mikano Motors to introduce a new auto financing plan called 'Drive Your Dream Today'. This plan aims to make buying new cars easier for Nigerians. Customers only need to pay 30 percent upfront, while UBA covers the remaining 70 percent.

The scheme was launched at the Mikano Motors showroom in Victoria Island, Lagos. Eligible customers can pay back the financed amount in instalments over 36 months at an interest rate of 23 percent.

This financing option is open to many customers, including those without a regular salary. It gives entrepreneurs and other Nigerians a clear path to owning a vehicle.

To get started, customers must first check their eligibility. They can visit any UBA branch or email consumerlending@ubagroup.com to confirm. Once approved, they can go to Mikano Motors to get a proforma invoice for their chosen vehicle and move forward with the financing.

At the launch, UBA’s Group Executive Director for Personal and Business Banking, Chidi Okpala, said this partnership shows the Bank’s aim to help people achieve their dreams. He also mentioned that it promotes better credit habits and financial inclusion.

"Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable," Okpala said. "A customer puts down 30 percent, we finance the rest, and they pay us back comfortably over three years. By reducing the biggest hurdle to vehicle ownership, we are demonstrating what customer-first banking looks like. We are here to make life easier for our customers."

Frank Okoh, UBA’s Group Head of Consumer Lending, also spoke about the scheme. He said it was made simple and accessible for both salaried workers and self-employed individuals.

"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. Our team will guide customers every step of the way until they get their keys."

For Mikano Motors, this partnership allows them to reach more Nigerians who want to own vehicles.

The General Manager, Tarek Mostafa, explained that this collaboration fits Mikano Motors’ goal of offering a top-quality ownership experience along with reliable after-sales services.

"Mikano Motors was created to give Nigerians a high-end ownership experience, from the showroom to years down the line," Mostafa said. "The backbone of any automotive business is not just the sale, but the after-sales service that follows. Every vehicle we sell comes with genuine spare parts, reliable maintenance, and quality service available across the country. Wherever you are, we will come to you at no extra cost."

"Partnering with UBA allows more customers to enjoy that experience, and we are proud to build strong relationships with a bank that shares our commitment to service," he added.

Founded in 2018 under Mikano International, Mikano Motors builds on over 35 years of the group’s presence in Nigeria. The company offers a wide range of vehicles, all backed by nationwide sales and after-sales services.

This partnership strengthens UBA’s consumer lending options. It offers customers financing solutions that focus on accessibility, affordability, and convenience. Through partnerships like this, the Bank continues to help customers easily access credit while meeting their important personal and lifestyle needs.