Access Bank Plc has signed a Memorandum of Understanding (MoU) with Peugeot Automobile Nigeria (PAN) to make it easier for customers to buy new cars.
The two firms said the programme, Access Bank/Peugeot Vehicle Acquisition Scheme, would enable more aspiring customers acquire any of the Peugeot models available in the company and spread the payment over a specified period.
The Executive Director, Access Bank, Victor Etuokwu, who was at the signing of the agreement in Lagos, said the process of acquiring the vehicles was easy.
He said the scheme, which began at the weekend, would last for one year while customers are expected to fully repay the loan within four years.
Etokwu explained that to access the loan, aspiring car owners are expected to deposit 20 per cent upfront with 24 per cent interest rate, adding that the partnership was in support of the Federal Government’s automotive policy, which commenced in 2014.
He maintained that the culture of the bank was to support mobility of people and hoped that with the partnership, more people would be able to purchase vehicles of their choice at affordable prices.
“We are opportune to partner with the PAN because the company is one of the leading firms in the sector today while Access Bank too is among the top 15 banks on the continent in terms of assets. We want to build benefits for customers with our partnership,” he said.
“Experts announced recently that over 90 per cent of the world’s resources would be concentrated and managed by about one per cent of the world populace by the end of 2016. We want to create value as an institution and we are both concerned about the welfare of the people. This scheme provides opportunity for people who do not have the resources to buy a car outright.”
PAN Managing Director, Ibrahim Boyi, said the scheme was open to all customers, including those with or without functional account with the bank.
He said both parties had cautiously designed the scheme to enable beneficiaries gain access to the system, declaring that this would make the cars to be affordable with long-term benefits to customers.