N2m Cashback: Piggyvest, Mikano Launch Car Savings Plan for Nigerians to Easily Own New Vehicles
- Piggyvest has partnered with Mikano Motors to allow Nigerians to save gradually for brand-new cars over three months to one year
- The vehicles currently available start at about ₦20 million, with Mikano also planning options in the ₦10 million range
- Customers who complete their savings and take delivery within one year will qualify for a ₦2 million cashback offer
PAY ATTENTION: Find it fast with our new search feature at Legit.ng!
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Piggyvest has launched a new car savings plan in partnership with Mikano Motors, giving Nigerians a way to save gradually towards buying brand-new vehicles.
The initiative allows customers to select their preferred Mikano vehicle on the Piggyvest platform and set a savings target based on the price of the car.
Source: UGC
Instead of paying the full amount upfront, users can spread their savings over three months to one year, depending on their chosen plan.
The partnership could provide an alternative for Nigerians who can afford to buy a vehicle over time but may struggle to raise millions of naira at once.
How Nigerians can save for a new car
Under the new arrangement, customers can decide how frequently they want to contribute to their car savings goal.
Once a customer reaches the required target, Piggyvest will notify Mikano Motors, which will begin processing the vehicle for delivery to the address supplied by the buyer.
Piggyvest co-founder and Chief Marketing Officer, Joshua Chibueze, said the idea was inspired by the behaviour of customers who were already using the platform's savings wallets to accumulate money for cars.
He noted that while many Nigerians want to own vehicles, the high upfront cost can make the goal difficult to achieve.
The Piggyvest Savings Report 2025 found that nearly three in five Nigerians earn ₦100,000 or less monthly. It also showed that only about one in 10 Nigerian households owns a car, highlighting the affordability challenge facing prospective vehicle buyers.
Mikano Motors said the initiative is intended to make new vehicle ownership more accessible while giving buyers access to warranty and after-sales services.
Recall that Mikano already has a similar arrangement with United Bank for Africa Plc (UBA), allowing eligible Nigerians to finance up to 70 per cent of the cost of a new vehicle.
Mikano cars start from ₦20 million
Vehicles currently available under the savings programme start at around ₦20 million, with options including sedans, executive SUVs, pickups and light-duty trucks.
Mikano Motors is also working to introduce vehicles in the ₦10 million range, potentially giving more Nigerians access to the scheme.
The company said vehicles purchased through the arrangement come with a six-year or 200,000-kilometre warranty, alongside access to after-sales workshops, dealers, mobile servicing and rescue vehicles nationwide.
Customers will also be protected against unexpected price changes during the savings period through advance notification. Where possible, Mikano said it would provide grace periods to allow customers to adjust their savings plans.
Source: UGC
There is also a major financial incentive for early participants. Nigerians who successfully complete their savings plans and take delivery of their vehicles within the next year will qualify for a ₦2 million cashback.
Ayo Akinola, CEO of PocketApp, said the partnership is designed to help Nigerians break down major financial goals into manageable savings targets, making vehicle ownership a more achievable objective.
Firm launches car-for-cash loan
Meanwhile, Legit.ng earlier reported on Options Financial Services’ Car-for-Cash loan, which lets eligible vehicle owners borrow at a 4.5% interest rate while keeping their cars.
The facility could provide access to funds for business needs and urgent expenses without requiring borrowers to sell or surrender their vehicles.
Approval depends on vehicle valuation, documentation and eligibility.
Source: Legit.ng
