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FCMB, Dana Motors introduce vehicle ownership scheme

By on November 2, 2014

First City Monument Bank says it has entered into an alliance with Dana Motors Limited to enable Nigerians own brand new cars at affordable prices.

The move, according to the Executive Director, Abuja/Northern Region, FCMB, Mr. Adam Nuru, will enable the bank to provide more consumer loans to its customers over the next few months.

Nuru, who spoke in Abuja on Thursday during the launch of the auto loan scheme, said the initiative was part of the bank’s way of identifying with customers’ aspirations while delivering flexible payment packages for car acquisition.

For instance, he said currently, the consumer loan portfolio in the region stood at about N1.5bn, adding that before the end of this year, the target would be to provide at least N1.8bn for the acquisition of 1,000 Kia vehicles.

Nuru described the provision of N1.8bn loans for the scheme as an ambitious target, noting that with the increase in demand by Nigerians to own new cars, the target would be achieved.

He said, “This event is borne out of an alliance between FCMB and Dana Motors Limited with the initiative to offer unique consumer products to the market.

“FCMB has been a well acclaimed industry leader in consumer loan offering. Today’s package is a viable alliance aimed at furthering the frontiers of delivering an exceptional customer experience.

“With the auto loan alliance, qualified customers will be able to own brand new Kia for as low as N47,400 monthly repayment plans.”

Also speaking at the event, the Head of Communications, Dana Motors, Mr. Peter Aiyewo, said apart from flexible repayment, the scheme offered other benefits such as free insurance, registration and five years warranty.

He said the company had keyed into the auto policy of the Federal Government as it had commenced the assembling of its Rio and Seranto car brands in Nigeria.