By Moses Akaigwe
Piggyvest, Africa’s pioneer online savings and investment platform, has partnered with Mikano Motors, leading Nigerian automobile company, to help Nigerians save towards owning their own cars.
The partnership, announced at a press conference held recently at Mikano Motors’ head office in Victoria Island, Lagos, allows Piggyvest users to select their preferred car on the app and choose a savings plan ranging from three months to a year.
Users can decide how often they want to save, and once they reach their goal, Mikano Motors is automatically notified and begins processing delivery to the address provided at sign-up.
The idea for the partnership came from a behavioural trend Piggyvest was already seeing on its platform. “Some of our customers already use different Piggyvest wallets to save for cars,” said Joshua Chibueze, co-founder and chief marketing officer of Piggyvest. “Quite a number of people save, and sometimes don’t eventually buy the car.”
For Chibueze, the opportunity was to make it easier for people who can afford to pay for a car over time but may not have the money to pay upfront. “A lot of people in Nigeria today cannot afford to own a car outright,” he said.
“They don’t have the money upfront, but they want that car and can actually afford to pay for it small-small.”
In Nigeria, the gap between wanting a car and being able to afford the upfront cost is significant. The Piggyvest Savings Report 2025 reveals that nearly three in five Nigerians earn ₦100,000 monthly or nothing at all. Similarly, only one in 10 Nigerian households owns a car, while a decade-old car averages about ₦15 million.
For Mikano Motors, the partnership builds on its focus on making new vehicles more accessible to Nigerian buyers. “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 be part of an initiative that could make vehicle ownership more attainable for more Nigerians. “At Mikano, we’re happy to support initiatives that make it easier for
Nigerians to afford and own a vehicle.”
Vehicles currently available through the plan start in the ₦20 million range and include passenger and commercial models, from sedans and executive SUVs to pickups and light-duty trucks.
Mikano Motors is also working to bring options into the ₦10 million range. Every vehicle comes with a six-year or 200,000km warranty, supported by
after-sales workshops and dealers nationwide, as well as mobile servicing and rescue vehicles.
The plan also accounts for changing vehicle prices. If a vehicle’s price increases while a customer is saving, their savings target will be adjusted, and the customer will be informed in advance.
Mikano Motors says it will also offer grace periods where possible to help customers manage price changes. “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.
The companies also announced a ₦2 million cashback offer for Nigerians who are able to successfully save towards and take delivery of their vehicles within the next one year.
This cashback is designed to give buyers a head start on their next financial goal rather than having them start from zero after purchasing a car. “Once they’ve saved up and they’ve received their brand-new vehicle, we don’t want them to start again from zero,” Abdulkadir said.
Ayo Akinola, CEO of PocketApp, said the partnership reflects Piggyvest’s broader
mission of making large financial goals feel more attainable for Nigerians. “What I’ve
learned over the years is that there is something powerful about watching yourself get closer to a goal. So, this partnership is bigger than just cars,” Akinola added. “It’s about making financial goals feel more achievable.”
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