Piggyvest, a leading online savings and investment platform in Africa, has partnered with Mikano Motors, a prominent Nigerian automobile company, to introduce a car savings plan for Nigerians. This initiative was announced at a press conference held at Mikano Motors' head office in Victoria Island, Lagos. The partnership enables Piggyvest users to select their preferred car on the app and choose a savings plan that ranges from three months to a year.
The idea for this partnership was born out of a behavioural trend Piggyvest had observed on its platform, where some customers were already using different wallets to save for cars but not eventually buying them. Joshua Chibueze, Co-founder and Chief Marketing Officer of Piggyvest, noted that many people in Nigeria cannot afford to own a car outright due to financial constraints. The partnership aims to make it easier for individuals who can afford to pay for a car over time but lack the upfront funds.
In Nigeria, there is a significant gap between wanting a car and being able to afford the upfront cost. According to the Piggyvest Savings Report 2025, nearly three in five Nigerians earn ₦100,000 monthly or nothing at all. Additionally, only one in 10 Nigerian households owns a car, while a decade-old car averages about ₦15 million. This highlights the need for affordable financing options for car ownership.
For Mikano Motors, this partnership aligns with its focus on making new vehicles more accessible to Nigerian buyers. Syam Abdulkadir, National Operations Manager at Mikano Motors, emphasized that the company's slogan "Affordable Luxury" reflects its commitment to providing affordable options. Mbonu Chijioke, Head of Sales at Mikano Motors, expressed the company's enthusiasm for supporting initiatives that make vehicle ownership more attainable for Nigerians.
Vehicles currently available through the plan start in the ₦20 million range and include various models, from sedans and executive SUVs to pickups and light-duty trucks. Mikano Motors is also working to bring options into the ₦10 million range. Every vehicle comes with a six-year or 200,000km warranty, supported by after-sales workshops and dealers nationwide, as well as mobile servicing and rescue vehicles.
The plan also accounts for changing vehicle prices, with the savings target being adjusted if a vehicle's price increases while a customer is saving. Customers will be informed in advance of any price changes, and Mikano Motors will offer grace periods where possible to help customers manage these changes. Additionally, the companies have announced a ₦2 million cashback offer for Nigerians who successfully save towards and take delivery of their vehicles within the next year.
The partnership reflects Piggyvest's broader mission of making large financial goals feel more attainable for Nigerians. Ayo Akinola, CEO of PocketApp, noted that watching oneself get closer to a goal can be powerful, and this partnership is about making financial goals feel more achievable. The initiative is expected to have a positive impact on vehicle ownership in Nigeria, providing more people with access to affordable financing options.
Key points
- Piggyvest and Mikano Motors have partnered to introduce a car savings plan, allowing Nigerians to save towards owning their preferred vehicle with a plan ranging from three months to a year.
- The partnership aims to address the significant gap between wanting a car and being able to afford the upfront cost in Nigeria, where only one in 10 households owns a car.
- The plan offers flexible savings options, warranty, and after-sales support, as well as a ₦2 million cashback offer for successful savers.
