Piggyvest has partnered with Mikano Motors to introduce a car savings plan that allows Nigerians to gradually save for brand-new vehicles over a period of three months to one year. The initiative, announced on Wednesday, enables customers to select a preferred Mikano vehicle on the Piggyvest platform and set a savings target based on the car's price, with vehicles currently starting at about ₦20 million. Customers who complete their savings and take delivery within one year will qualify for a ₦2 million cashback offer.
How the Car Savings Plan Works
Under the new arrangement, users can spread their savings over three months to one year, depending on the plan they choose, instead of paying the full amount upfront. Customers can decide how frequently they want to contribute to their car savings goal. Once a customer reaches the required target, Piggyvest will notify Mikano Motors, which will begin processing the vehicle for delivery to the address supplied by the buyer.
Piggyvest co-founder and Chief Marketing Officer, Joshua Chibueze, said the idea was inspired by the behaviour of customers who were already using the platform's savings wallets to accumulate money for cars. He noted that while many Nigerians want to own vehicles, the high upfront cost can make the goal difficult to achieve.
Affordability Challenges Highlighted by Data
The Piggyvest Savings Report 2025 found that nearly three in five Nigerians earn ₦100,000 or less monthly. The report also showed that only about one in 10 Nigerian households owns a car, highlighting the affordability challenge facing prospective vehicle buyers. The partnership could provide an alternative for Nigerians who can afford to buy a vehicle over time but may struggle to raise millions of naira at once.
Mikano Motors said the initiative is intended to make new vehicle ownership more accessible while giving buyers access to warranty and after-sales services.
Vehicle Options and Warranty Details
Vehicles currently available under the savings programme start at around ₦20 million, with options including sedans, executive SUVs, pickups and light-duty trucks. Mikano Motors is also working to introduce vehicles in the ₦10 million range, potentially giving more Nigerians access to the scheme.
The company said vehicles purchased through the arrangement come with a six-year or 200,000-kilometre warranty, alongside access to after-sales workshops, dealers, mobile servicing and rescue vehicles nationwide. Customers will also be protected against unexpected price changes during the savings period through advance notification. Where possible, Mikano said it would provide grace periods to allow customers to adjust their savings plans.
N2m Cashback Incentive for Early Participants
There is also a major financial incentive for early participants. Nigerians who successfully complete their savings plans and take delivery of their vehicles within the next year will qualify for a ₦2 million cashback.
Ayo Akinola, CEO of PocketApp, said the partnership is designed to help Nigerians break down major financial goals into manageable savings targets, making vehicle ownership a more achievable objective.
