Piggyvest Partners with Mikano Motors to Launch Car Savings Plan for Nigerians

Piggyvest, Africa’s pioneer online savings and investment platform, has partnered with Mikano Motors to introduce a vehicle savings plan designed to help Nigerians save gradually towards the purchase of new cars.

The partnership, announced at a press conference held at Mikano Motors’ head office in Victoria Island, Lagos, on Wednesday, September 23, 2026, allows Piggyvest users to select their preferred vehicle on the platform and choose a savings plan ranging from three months to one year.

Under the initiative, customers can determine how frequently they want to save towards their vehicle purchase. Once the savings target is achieved, Mikano Motors is automatically notified and begins processing the delivery of the selected vehicle to the address provided by the customer.

Co-founder and Chief Marketing Officer of Piggyvest, Joshua Chibueze, said the initiative was developed from a trend already observed among users of the platform, noting that some customers had been using different Piggyvest wallets to save towards purchasing vehicles.

“Quite a number of people save, and sometimes don’t eventually buy the car,” Chibueze said.

According to him, the partnership is aimed at addressing the challenge faced by Nigerians who may be able to afford a vehicle through gradual payments but cannot raise the full purchase price upfront.

“A lot of people in Nigeria today cannot afford to own a car outright. They don’t have the money upfront, but they want that car, and can actually afford to pay for it small-small,” he said.

The initiative comes against the backdrop of rising vehicle costs and relatively low car ownership in Nigeria. The Piggyvest Savings Report 2025 stated that nearly three in five Nigerians earn ₦100,000 monthly or less, while only one in 10 Nigerian households owns a car. The report also put the average price of a decade-old vehicle at about ₦15 million.

For Mikano Motors, the partnership is part of its efforts to make new vehicles more accessible to Nigerian motorists.

National Operations Manager of Mikano Motors, Syam Abdulkadir, said the initiative aligned with the company’s “Affordable Luxury” proposition, which seeks to provide Nigerians with access to new vehicles backed by after-sales support.

“One of our key slogans here at Mikano is ‘Affordable Luxury’,” Abdulkadir said, adding that Nigerians should not have to rely solely on used vehicles or cars without adequate after-sales support because of affordability challenges.

Head of Sales at Mikano Motors, Mbonu Chijioke, said the company was pleased to support an initiative capable of making vehicle ownership more attainable for Nigerians.

“At Mikano, we’re happy to support initiatives that make it easier for Nigerians to afford and own a vehicle,” he said.

Vehicles currently available under the savings plan start from about ₦20 million and include passenger and commercial vehicles, ranging from sedans and executive sport utility vehicles to pickups and light-duty trucks.

Mikano Motors is also working to introduce vehicle options in the ₦10 million range under the initiative.

The vehicles come with a six-year or 200,000-kilometre warranty, supported by after-sales workshops and dealers across the country, as well as mobile servicing and rescue vehicles.

The companies said the savings arrangement also takes into consideration possible changes in vehicle prices during the savings period.

Where the price of a selected vehicle increases while a customer is still saving, the customer’s savings target will be adjusted and the customer will be informed ahead of the change.

Abdulkadir said Mikano Motors would also consider grace periods where possible to give customers more time to meet revised savings targets.

“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,” he said.

As part of the partnership, the companies 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.

According to Abdulkadir, the cashback is intended to help customers pursue another financial goal after purchasing their vehicles rather than having to start saving from scratch.

“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.

Chief Executive Officer of PocketApp, Ayo Akinola, said the initiative reflects Piggyvest’s broader objective of helping Nigerians achieve major financial goals through structured savings.

“What I’ve learned over the years is that there is something powerful about watching yourself get closer to a goal,” Akinola said.

He added that the partnership goes beyond vehicle ownership, describing it as an initiative aimed at making major financial targets more achievable for Nigerians.