PiggyVest, Mikano Motors Launch Auto-Finance Savings Plan

In Short

PiggyVest and Mikano Motors have launched an auto-finance savings scheme in Nigeria. The plan lets users save towards a new vehicle, with some models starting around ₦20 million. The partnership also includes a ₦2 million cashback incentive for users who save and take delivery within one year.

What Happened

On September 29, PiggyVest announced a partnership with Mikano Motors to offer an auto-finance savings scheme.

The product is positioned as a structured way to set money aside for a car purchase. In simple terms, it is goal-based saving, but the goal is tied to specific vehicle options and a delivery timeline.

The companies say available models under the scheme start from around ₦20 million. Customers who complete their savings plan and take delivery within 12 months can qualify for up to ₦2 million cashback.

Why It Matters

Car ownership in Nigeria is getting harder as vehicle prices rise and traditional auto loans can be difficult to access. Many buyers end up using informal savings plans, short-term loans, or expensive hire purchase deals.

A savings-led auto-finance plan reduces dependence on immediate credit. It also gives consumers a clearer path to budgeting for a large purchase, while still creating a sales pipeline for an auto dealer.

For PiggyVest, this is another move beyond general savings into more “save-for-a-purpose” products that can drive higher deposits and longer retention. For Mikano Motors, it is a distribution channel that targets salaried workers and SMEs who may be able to save monthly but struggle with upfront lump-sum payments.

The key detail to watch is how the scheme handles pricing changes over the year, vehicle availability, and any exit rules for users who cannot complete the plan. Those terms will determine whether the product feels like flexible savings or a locked commitment.