Piggyvest, Africa’s leading online savings and investment platform, has partnered with Mikano Motors to introduce a structured savings plan aimed at reducing the upfront cost of car ownership in Nigeria. The initiative, unveiled at a press conference at Mikano Motors’ headquarters in Lagos, allows users to save for their preferred vehicles through the Piggyvest app, with Mikano Motors facilitating delivery once savings targets are met. The collaboration addresses a significant financial barrier for many Nigerians who desire cars but lack the immediate funds for upfront payments.
The partnership emerged from observed behavioral trends on Piggyvest’s platform, where users frequently allocated funds to car-specific savings wallets. Joshua Chibueze, co-founder and chief marketing officer of Piggyvest, noted that while many users saved for cars, few completed purchases. “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 afford to pay for it in installments,” Chibueze said, highlighting the gap between desire and affordability. According to the Piggyvest Savings 2025 report, nearly 60% of Nigerians earn N100,000 monthly or less, and only 10% of households own a car, with a decade-old vehicle averaging N15 million.
Mikano Motors, which positions itself as a provider of “affordable luxury,” sees the partnership as a step toward making new vehicles more accessible. Syam Abdulkadir, national operations manager at Mikano Motors, emphasized that the initiative allows buyers to avoid settling for used cars or vehicles without after-sales support. “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,” he said. The plan includes passenger and commercial vehicles starting at N20 million, with options expanding to the N10 million range in the future.
Users can select a savings period of three months to a year, choosing their contribution frequency. Upon reaching their target, Mikano Motors is automatically notified and initiates delivery to the address provided. The company also adjusts savings goals if vehicle prices rise during the saving period, offering grace periods to mitigate financial strain. “We’ll do our absolute best to mitigate it, offer grace periods, and ensure customers are well-informed before any changes occur,” Abdulkadir stated. Additionally, the partnership includes a N2 million cashback incentive for customers who complete the plan within a year, designed to help buyers transition to new financial goals without starting from zero.
Mikano Motors’ head of sales, Mbonu Chijioke, praised the initiative for making vehicle ownership more attainable. The company’s vehicles come with a six-year or 200,000km warranty, supported by nationwide after-sales workshops, mobile servicing, and rescue vehicles. Ayo Akinola, CEO of PocketApp, highlighted the broader implications of the partnership, stating it aligns with Piggyvest’s mission to make large financial goals feel achievable. “What I’ve learned is that there’s power in watching yourself get closer to a goal. This partnership is bigger than just cars—it’s about making financial goals feel more attainable,” Akinola said.
The collaboration reflects a growing trend in Nigeria’s financial and automotive sectors to address systemic affordability challenges. Juliet Onyema, a transport journalist covering Nigeria’s automobile industry, noted that such innovations could influence broader mobility trends, including the adoption of electric vehicles. While the plan focuses on traditional vehicles, it sets a precedent for future initiatives targeting emerging technologies in the sector.
Piggyvest and Mikano Motors’ partnership underscores a shift toward structured financial solutions that bridge the gap between aspiration and affordability. By leveraging technology and tailored savings mechanisms, the initiative aims to empower Nigerians to achieve long-term goals without compromising immediate financial stability.