Piggyvest, Africa’s pioneer online savings and investment platform, has partnered with Mikano Motors, a leading Nigerian automobile company, to launch a dedicated car savings plan for Nigerian consumers. The collaboration, announced at a press conference at Mikano Motors’ head office in Victoria Island, Lagos, enables users to save for new vehicles through the Piggyvest app with structured plans ranging from three months to one year.
Under the new scheme, users can select their preferred vehicle on the platform and determine their saving frequency. Once the savings goal is met, Mikano Motors is automatically notified and begins processing the delivery to the address provided during sign-up. Joshua Chibueze, Co-founder and Chief Marketing Officer of Piggyvest, noted that the initiative addresses a common behavioral trend where customers save in various wallets for cars but rarely complete the purchase. “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 partnership responds to significant economic challenges in the Nigerian automotive market. According to the Piggyvest Savings Report 2025, nearly three in five Nigerians earn ₦100,000 monthly or less, while only one in 10 households owns a car. With decade-old vehicles averaging approximately ₦15 million, the gap between desire and affordability remains substantial. Syam Abdulkadir, National Operations Manager at Mikano Motors, stated that the alliance aligns with the company’s “Affordable Luxury” slogan, aiming to prevent buyers from limiting themselves to used cars or vehicles lacking after-sales support.
Vehicles available through the plan currently start in the ₦20 million range, encompassing passenger and commercial models such as sedans, executive SUVs, pickups, and light-duty trucks. Mikano Motors is also working to introduce options in the ₦10 million range. All vehicles come with a six-year or 200,000km warranty, backed by a network of after-sales workshops, dealers, mobile servicing, and rescue vehicles nationwide.
To address potential fluctuations in vehicle prices, the plan includes mechanisms to adjust savings targets if costs rise, with customers informed in advance. Mikano Motors has committed to offering grace periods where possible to help customers manage these changes. Additionally, the companies announced a ₦2 million cashback offer for Nigerians who successfully save for and take delivery of their vehicles within the next year, designed to provide a financial head start toward future goals.
Ayo Akinola, CEO of PocketApp, emphasized that the partnership extends beyond vehicle sales to the broader mission of making large financial goals attainable. “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.”
<small>Source: The Sun Nigeria — read the original story there.</small>
