Piggyvest, Africa's pioneer online savings and investment platform, has partnered with Mikano Motors, a leading Nigerian automobile company, to provide Nigerians with a structured auto-financing scheme. The partnership allows Piggyvest users to select their preferred car in the app and choose a savings plan between three months and a year. This development enables users to decide how often they want to save, and once they reach their goal, Mikano Motors is automatically notified and begins processing delivery to the address provided on sign-up.
The idea for the partnership came from a behavioural trend Piggyvest was already seeing on its platform, where some customers use different Piggyvest wallets to save for cars. However, not all of them eventually buy the car. According to Joshua Chibueze, Co-founder and Chief Marketing Officer of Piggyvest, the opportunity was to make it easier for people who can afford to pay for a car over time but may not have the money to pay upfront. This partnership aims to bridge the gap between wanting a car and being able to afford the upfront cost.
In Nigeria, the gap between wanting a car and being able to afford the upfront cost is significant. The Piggyvest Savings Report 2025 reveals that nearly three in five Nigerians earn N100,000 monthly or nothing at all. Similarly, only one in 10 Nigerian households own a car, and a decade-old car averages about N15 million. This partnership seeks to make vehicle ownership more attainable for more Nigerians.
For Mikano Motors, the partnership builds on its focus on making new vehicles more accessible to Nigerian buyers. Syam Abdulkadir, National Operations Manager at Mikano Motors, said that one of the company's key slogans is "Affordable Luxury," and they don't want customers to limit themselves to buying used cars or cars without after-sales service just because that's the only thing they can afford.
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. Mikano Motors is also working to bring options into the N10 million range. The companies also announced a N2 million cashback offer for Nigerians who are able to successfully save towards and take delivery of their vehicles within the next one year.
The cashback offer is designed to give buyers a head start on their next financial goal rather than having them start from zero after purchasing a car. Ayo Akinola, CEO of PocketApp, said that the partnership reflects Piggyvest's broader mission of making large financial goals feel more attainable for Nigerians. He added that watching oneself get closer to a goal is powerful, and this partnership is about making financial goals feel more achievable.
Mbonu Chijioke, Head of Sales at Mikano Motors, said that the company is pleased to be part of an initiative that could make vehicle ownership more attainable for more Nigerians. The partnership between Piggyvest and Mikano Motors aims to provide a more accessible and affordable way for Nigerians to own a vehicle, and it is expected to have a positive impact on the Nigerian automotive market.
Key points
- Piggyvest and Mikano Motors have partnered to provide a structured auto-financing scheme for Nigerians.
- The partnership allows Piggyvest users to select their preferred car and choose a savings plan between three months and a year.
- The scheme includes a N2 million cashback offer for successful savers who take delivery of their vehicles within the next one year.
