Snapshot from Aug 24, 2026 at 07:00 UTC. For live data and tracking: View Live
Events / Business / UBA Mikano Motors auto financing scheme
Business product launch

UBA Mikano Motors auto financing scheme

Analysis based on 7 articles · First reported Aug 10, 2026 · Last updated Aug 11, 2026

Sentiment
10
Attention
2
Articles
7
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The scheme is expected to modestly boost UBA's consumer lending portfolio and increase vehicle sales for Mikano Motors by making purchases more affordable. It may also encourage similar financing partnerships in Nigeria's automotive sector, potentially supporting consumer spending and economic activity.

Banking Automotive
Event Summary

United Bank for Africa (UBA) Plc and Mikano Motors launched the 'Drive Your Dream Today' auto financing scheme at Mikano Motors' showroom in Victoria Island, Lagos. The scheme allows eligible Nigerian customers to purchase new vehicles with a 30% down payment, with UBA financing the remaining 70% at a 23% interest rate over 36 months. The initiative targets salaried workers, entrepreneurs, and self-employed individuals, aiming to reduce the upfront cost barrier and promote financial inclusion. UBA executives Chidi Okpala and Frank Okoh highlighted the scheme's simplicity and accessibility, while Mikano Motors' General Manager Tarek Mostafa emphasized the company's after-sales support. The partnership reflects a broader trend of banks and auto dealers using structured financing to support vehicle purchases amid rising prices. UBA previously partnered with CIG Motors, LagRide, and the Nigeria — Government of Lagos State on a $100 million 'Drive to Own' program in December 2025.

Key Actions
80 United Bank for Africa launched financing scheme Mikano Motors
40 United Bank for Africa partnered with CIG Motors CIG Motors
Entities Involved
stock
United Bank for Africa
UBA is the primary financier, providing 70% of vehicle costs at 23% interest over 36 months. This expands its consumer lending business and reinforces its customer-focused strategy.
Importance 100.0 Sentiment 15.0
priv
Mikano Motors
Mikano Motors gains a new financing channel to broaden its customer base and increase vehicle sales, supported by its after-sales services.
Importance 90.0 Sentiment 20.0
cnt
Nigeria
The scheme targets Nigerian consumers, aiming to improve access to vehicle ownership and promote financial inclusion in the country.
Importance 50.0 Sentiment 10.0
per
Chidi Okpala
As UBA's Group Executive Director-designate, he announced the partnership and emphasized its role in making vehicle ownership more attainable.
Importance 40.0 Sentiment 10.0
per
Frank Okoh
As UBA's Group Head of Consumer Lending, he detailed the scheme's simple entry and clear terms for both salaried and self-employed customers.
Importance 30.0 Sentiment 10.0
per
Tarek Mostafa
As Mikano Motors' General Manager, he highlighted the partnership's alignment with the company's commitment to high-end ownership and after-sales support.
Importance 30.0 Sentiment 10.0
priv
Mikano International
As the parent company of Mikano Motors, it benefits indirectly from increased vehicle sales and brand visibility.
Importance 20.0 Sentiment 5.0
priv
CIG Motors
CIG Motors was a previous partner in UBA's 'Drive to Own' program, indicating UBA's ongoing expansion in auto financing.
Importance 10.0 Sentiment 5.0
priv
LagRide
LagRide was part of the earlier 'Drive to Own' program, but is not directly involved in this new scheme.
Importance 5.0 Sentiment 5.0
govactor
Nigeria — Government of Lagos State
The Nigeria — Government of Lagos State was a partner in the previous 'Drive to Own' program, but is not directly involved in this new scheme.
Importance 5.0 Sentiment 5.0
Relationships
United Bank for Africa related ↔ Nigeria
Nigeria related ↔ Nigeria — Government of Lagos State
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