ROTIMI ASHER
For many Nigerians, dreaming of owning a brand-new car, the biggest hurdle is no longer the desire to own one; it is raising the huge amount of money required upfront.
Now, Piggyvest and Mikano Motors are offering a new way to bridge that gap.
The two companies have partnered to launch a car savings plan that allows Nigerians to choose a vehicle, set a savings target and pay towards it over a period of between three months and one year.
The initiative was unveiled at a press conference held at Mikano Motors’ head office in Victoria Island, Lagos, on Wednesday, September 23, 2026.
Under the arrangement, Piggyvest users can select their preferred vehicle directly on the platform and determine how frequently they want to save. Once the savings target is reached, Mikano Motors is automatically notified and begins processing delivery to the address supplied by the customer.
According to Joshua Chibueze, Co-founder and Chief Marketing Officer of Piggyvest, the partnership was inspired by a trend the company had already observed among its users.
“Some of our customers already use different Piggyvest wallets to save for cars,” he said, explaining that many people save towards vehicles but sometimes fail to complete the purchase.
The new scheme, he said, is designed for Nigerians who may be unable to afford a car in one payment but can comfortably build towards the cost over time.
“A lot of people in Nigeria today cannot afford to own a car outright,” Chibueze said. “They don’t have the money upfront, but they want that car, and can actually afford to pay for it small-small.”
The potential market is significant. Piggyvest’s 2025 Savings Report indicates that nearly three in five Nigerians earn ₦100,000 monthly or nothing at all. At the same time, only about one in 10 Nigerian households owns a car, while the average price of a 10-year-old used car is now around ₦15 million.
Mikano Motors says the partnership is consistent with its effort to make new vehicles more accessible.
“One of our key slogans here at Mikano is ‘Affordable Luxury’,” said 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, said the company was pleased to support an initiative aimed at making vehicle ownership attainable for more Nigerians.
Vehicles currently available under the plan start at around ₦20 million and include sedans, executive SUVs, pickups and light-duty trucks. Mikano Motors is also working to introduce models in the ₦10 million price range.
The vehicles come with a six-year or 200,000km warranty, backed by after-sales workshops and dealers nationwide, as well as mobile servicing and rescue vehicles.
But with Nigeria’s volatile vehicle prices, what happens if the price of a chosen car rises while a customer is still saving?
The companies say the savings target will be adjusted if the vehicle price changes, with customers informed in advance. Mikano also says it will offer grace periods where possible to cushion the impact.
“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 said.
And there is another incentive.
Piggyvest and Mikano have announced a ₦2 million cashback offer for Nigerians who successfully complete their savings plans and take delivery of their vehicles within the next one year.
The cashback, according to Abdulkadir, is intended to give new car owners a head start on their next financial goal instead of leaving them financially depleted after purchasing a vehicle.
“Once they’ve saved up and they’ve received their brand-new vehicle, we don’t want them to start again from zero,” he said.
For Ayo Akinola, CEO of PocketApp, the initiative goes beyond buying cars.
“What I’ve learned over the years is that there is something powerful about watching yourself get closer to a goal,” Akinola said. “So, this partnership is bigger than just cars. It’s about making financial goals feel more achievable.”
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