Piggyvest has partnered with Mikano Motors to provide Nigerians with a structured way to save towards the purchase of new vehicles, allowing customers to spread the cost over time.

Under the partnership, Piggyvest users can select a preferred vehicle on the platform and choose a savings period ranging from three months to one year. Customers can also decide how frequently they want to contribute towards their chosen vehicle.

Once the required savings target is reached, Mikano Motors will be notified and will begin processing delivery to the address supplied by the customer during registration.

Piggyvest Co-founder and Chief Marketing Officer, Joshua Chibueze, said the initiative was developed after the company observed customers using different Piggyvest wallets to save towards buying cars.

He said the arrangement is intended to support Nigerians who may not be able to pay for a vehicle upfront but can afford to spread the cost over a period.

The partnership comes as vehicle ownership costs continue to pose a challenge in Nigeria. The Piggyvest Savings Report 2025 found that nearly three in five Nigerians earn ₦100,000 or less per month, while only one in 10 Nigerian households owns a car.

Vehicles currently available under the savings plan start at about ₦20 million and include sedans, executive SUVs, pickups and light-duty trucks. Mikano Motors is also working to make vehicles in the ₦10 million range available.

According to the company, vehicles purchased through the arrangement come with a six-year or 200,000-kilometre warranty. Buyers will also have access to after-sales support through Mikano Motors’ workshops and dealers nationwide.

The savings structure also provides for changes in vehicle prices while customers are saving. If the price of a selected vehicle rises, the customer’s savings target will be adjusted and the customer will be notified before the change takes effect.

Mikano Motors said it would also provide grace periods where possible to assist customers in managing price adjustments.

As part of the partnership, Piggyvest and Mikano Motors are offering a ₦2 million cashback to Nigerians who successfully save towards and take delivery of their vehicles within the next one year.

The cashback is intended to give buyers additional funds that can be directed towards their next financial goal after completing the vehicle purchase.

The partnership provides another option for Nigerians planning a major purchase without having to raise the entire cost of a vehicle upfront.

For individuals and business owners requiring vehicles for personal use, mobility or business operations, the structured savings arrangement offers a way to plan for vehicle ownership while spreading the financial commitment over time.

Source msmeafricaonline