Access Bank Plc has signed a Memorandum of Understanding with Peugeot Automobile Nigeria to assist willing customers to purchase new cars.
The two companies said the programme, Access Bank/Peugeot Vehicle Acquisition Scheme, would enable more aspiring customers to acquire any of the Peugeot models available in the company.
The Executive Director, Access Bank, Mr. Victor Etuokwu, who was at the signing of the partnership agreement in Lagos, said that the process of acquiring the vehicles was easy.
He hinted that the scheme, which commenced on Wednesday, would last for one year while customers were expected to fully repay the loan within four years.
Etokwu informed that to access the loan, aspiring car owners were expected to deposit 20 per cent upfront with 24 per cent interest rate.
He explained further 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.
He said, “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.
“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.”
Also speaking at the occasion, the Managing Director, PAN, Mr. 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.
Boyi explained that its partnership with the bank was deliberate, describing Access Bank as dynamic and innovative institution.
As parts of the benefits of the scheme, the PAN MD stated that it came with three years warranty or 100,000km.
He added, “We are backed by 40 years’ experience in Nigeria and well-trained workers. We have come a long way and our assembly plant is now fully operational. We assemble two models in Nigeria now 308 and 508 while our dealership network has been revamped to meet the current challenges in the market.”
Boyi declared that the national automotive policy had further titivated the sector and other moribund companies in Nigeria, adding that it would in the next few years boost the Gross Domestic Product of Nigeria.
He urged the Federal Government to remain resolute and be focused on the policy, which he said would improve the economy and the sector.
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