Nigerian banks expand consumer credit schemes through vehicle, electronics loans

Nigerian banks are expanding vehicle and electronics loan schemes through retail partnerships, though corporate lending still dominates their loan books.

Nigerian banks are stepping up consumer credit schemes through partnerships with car dealers and electronics retailers, offering loans for vehicles, smartphones and household appliances, a Nairametrics review shows.

Access Bank, UBA, FirstBank, Stanbic IBTC and Keystone Bank have introduced or expanded such arrangements in 2026.

Access Bank’s partnership with Stallion Group, announced on Tuesday, covers up to 90 per cent of vehicle costs, while UBA’s deal with Mikano Motors finances 70 per cent at a reported 23 per cent interest rate.

FirstBank’s Buy Now, Pay Later platform with Pointek lets customers spread payments for smartphones, laptops and appliances over six months.

However, nine-month 2026 results suggest the schemes have yet to significantly shift loan books, which remain dominated by corporate lending.

Stanbic IBTC’s personal banking loans rose 16.9 per cent to N250.2 billion, lifting their share of gross loans from 8.7 to 9.3 per cent.

With lending rates elevated, total repayment obligations could remain substantial, especially for vehicle buyers.