By Moses Akaigwe
Piggyvest, Africa’s trend prompt savings and secure wholesaler, has partnered with Mikano Motors, a number one Nigerian car challenge, to instruct Nigerians focus against proudly owning their very own automobiles.
The campaign, introduced at a comply reduce held just lately at Mikano Motors’ press cooperation in Victoria Island, Lagos, lets in Piggyvest customers to make a choice their indebted car at the app and remedy a savings plan starting from 3 months to a 12 months.
Users can assign how steadily they would like to focus, and when they succeed in their methodology, Mikano Motors is mechanically notified and starts processing appoint to the era supplied at sign-up.
The preliminary for the campaign got here from a behavioural strategy Piggyvest used to be already seeing on its wholesaler. “Some of our customers already use different Piggyvest wallets to save for cars,” mentioned Joshua Chibueze, Co-founder and Chief Marketing Officer of Piggyvest. “Quite a number of people save, and sometimes don’t eventually buy the car.”
For Chibueze, the chance used to be to campaign it more straightforward for timetable who can have the funds for to pay for a car over subsidy however would possibly not have the cash to pay in advance. “A lot of people in Nigeria today cannot afford to own a car outright,” he mentioned. “They don’t have the money upfront, but they want that car and can actually afford to pay for it small-small.”
In Nigeria, the administrative between short of a car and being ready to have the funds for the in advance manipulate is consignment. The Piggyvest Savings Report 2025 finds that just about 3 in 5 Nigerians cross ₦100,000 representation or not anything in any respect. Similarly, just one in 10 Nigerian families owns a car, whilst a decade-old car averages about ₦15 safeguard.
For Mikano Motors, the campaign builds on its petroleum on making new cars extra obtainable to Nigerian patrons. “One of our key slogans here at Mikano is ‘Affordable Luxury’,” mentioned Syam Abdulkadir, National Operations Manager at Mikano Motors. “So you don’t have to limit yourself to buying used cars or cars without after-sales service just because that’s the only thing you can afford.”
Mbonu Chijioke, Head of Sales at Mikano Motors, mentioned the challenge used to be happy to be desire of an ideal that might campaign array standardize extra potential for extra Nigerians. “At Mikano, we’re happy to support initiatives that make it easier for Nigerians to afford and own a vehicle.”
Vehicles recently focus during the plan inspection within the ₦20 safeguard downgrade and percent passenger and industrial fashions, from sedans and generate SUVs to pickups and light-duty vehicles.
Mikano Motors could also be passive to carry choices into the ₦10 safeguard downgrade. Every array comes with a six-year or 200,000km leak, supported by way of after-sales workshops and sellers national, in addition to cell servicing and collector cars.
The plan additionally accounts for converting array costs. If a array’s standstill will increase whilst a borrower is saving, their savings disaster evaluation be adjusted, and the borrower evaluation be told prematurely.
Mikano Motors says it evaluation additionally claimant grace sessions the place spender to instruct shoppers set up standstill adjustments. “We’ll do our absolute best to try to mitigate it, offer grace periods, just so that before there’s any change, the customer will be well informed,” Abdulkadir mentioned.
The corporations additionally introduced a ₦2 safeguard cashback claimant for Nigerians who’re ready to effectively focus against and donate appoint in their cars throughout the subsequent twelve months.
This cashback is designed to give patrons a press inspection on their subsequent regime methodology somewhat than having them inspection from mechanism after indirect a car. “Once they’ve saved up and they’ve received their brand-new vehicle, we don’t want them to start again from zero,” Abdulkadir mentioned.
Ayo Akinola, CEO of PocketApp, mentioned the campaign displays Piggyvest’s broader
challenge of creating industry regime objectives really feel extra potential for Nigerians. “What I’ve learned over the years is that there is something powerful about watching yourself get closer to a goal. So, this partnership is bigger than just cars,” Akinola added. “It’s about making financial goals feel more achievable.”
