Piggyvest, Mikano Motors Unveil Auto-finance Scheme, to Reward Savers with N2m

 Dike Onwuamaeze

As Nigerians spend over N15 million to acquire 10-year old used cars, Piggyvest and Mikano Motors have launched a savings and financing scheme that would enable prospective car buyers to own a brand new car at N20 million or above depending on the model.  

The companies also announced a N2 million cashback offer for Nigerians who are able to save and take delivery of their vehicles within the next one year.

This scheme was announced this week by Piggyvest, an online savings and investment platform, and Mikano Motors.

It allows users of Piggyvest app to select their preferred Mikano Motors’ car and savings plan, and once they reach their goal, Mikano Motors would process and deliver their respective cars to them.  

A Co-founder and Chief Marketing Officer of Piggyvest, Mr. Joshua Chibueze, said that the idea for the partnership came from a behavioural trend on Piggyvest’s platform.

Chibueze said: “A lot of people in Nigeria today cannot afford to own a brand new car outright. They do not have the money upfront, but they want that car, and can actually afford it by installment.”

The National Operations Manager, Mikano Motors, Mr. Syam Abdulkadir, said that the partnership is built on the company’s focus on making new vehicles more accessible to Nigerian buyers.

Abdulkadir said: “One of our key slogans here at Mikano is ‘Affordable Luxury.’ So you do not have to limit yourself to patronising ‘used cars’ or cars without after-sales service just because that is the only thing you can afford.”

The Head of Sales, Mikano Motors, Mr. Mbonu Chijioke, said the company was pleased to be part of an initiative that could make vehicle ownership more attainable for more Nigerians.

“At Mikano, we’re happy to support initiatives that make it easier for Nigerians to afford and own a vehicle,” Chijioke said.

Vehicles currently available through the plan start in the N20 million range and include passenger and commercial models, from sedans and executive SUVs to pickups and light-duty trucks.

Every vehicle comes with a six-year or 200,000km warranty, and is supported by after-sales services.  

The Chief Executive Officer of PocketApp, Mr. Ayo Akinola, said that the partnership reflected Piggyvest’s broader mission of making large financial goals feel more attainable for Nigerians.

“So, this partnership is bigger than just cars, it is about making financial goals feel more achievable,” he said.