Popular Bank Launches Scheme to Make Car Ownership Easier in 2026 as Vehicle Prices Soar in Nigeria

• Access Bank launched AutoFest, a vehicle financing scheme covering up to 90% of the cost of new and pre-owned cars
• Customers need only a 10% equity contribution, with repayment tenures extending beyond four years and a digital application process
• Access Bank's Group Head of Mobility revealed that Nigeria sells about 100,000 vehicles annually, with only 10% being brand-new cars

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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.

Access Bank Plc has unveiled AutoFest, a vehicle financing programme designed to make car ownership more attainable for Nigerians battling rising vehicle prices and tightening economic conditions.

The initiative, launched at an event in Lagos, allows eligible customers to access up to 90 per cent funding for both new and certified pre-owned vehicles, with a minimum equity contribution of just 10%.

Repayment tenures extend beyond four years, and the programme features a streamlined digital application process.

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AutoFest Targets Affordability Gap

Speaking at the launch, Iyabo Soji-Okusanya, Executive Director of the Corporate and Investment Banking Division at Access Bank, said the scheme was specifically crafted to dismantle the financial barriers that have long kept vehicle ownership out of reach for many Nigerians.

"You apply online, and you go home with the keys to your car already in your pocket," Soji-Okusanya said, underlining the speed of the bank's digital platform.

"The programme is designed to address financing constraints that have limited vehicle ownership in the country," she added.

Fleet Buyers and Ride-Hailing Operators Included

Ishmael Nwokocha, Group Head of Access Bank Mobility, disclosed that the bank spent six months collaborating with relevant stakeholders to tailor the programme to current market realities.

"What are we offering today? Come with 10 per cent equity contribution, and we'll finance the 90 per cent," Nwokocha stated.

He noted that Nigeria records annual vehicle sales of approximately 100,000 units, but only about 10 per cent of those transactions involve brand-new vehicles, with the vast majority being pre-owned automobiles — a trend he attributed largely to affordability constraints driven by skyrocketing prices.

The facility is not limited to individual buyers. Nwokocha confirmed that corporate organisations, schools, and hospitals requiring fleet vehicles are also eligible.

The bank has additionally outlined plans to onboard operators in the transport and ride-hailing sectors, particularly those who currently lack formal banking access.

FG moves to clamp down on importation of used cars

In related news, Legit.ng earlier reported that an industry shakeup is underway, as the federal government has unveiled new strategies to clamp down on the unregulated importation of used cars.

The regulators in this industry will, with one move, clamp down on the activities of illegal importers and also encourage local production.

Speaking in a meeting in Lagos, the Director General of the National Automotive Design and Development Council (NADDC), Mr. Joseph Osanipin, announced that the regulator would be enforcing stricter dealership regulations.