First City Monument Bank Limited (FCMB) Limited and Peugeot Automobile Nigeria (PAN) have launched an auto finance and acquisition scheme.
The development, according to the bank, is part of its efforts to help individuals, (including the self-employed) and employees of organisations, corporate bodies and institutions within the public and private sectors, become car owners in convenient manner.
Under the scheme, which according to a statement by the bank, was unveiled in Abuja yesterday, qualified customers of FCMB would be able to own a brand new Peugeot for a low as N80,367.68 under a monthly repayment plan up to five years. The new generation Peugeot brands on offer in the scheme, with varied monthly instalment payments, are the 301 ranges (Access, Active, Allure PRS, LXP); the 308 models (Allure Executive and Allure PRS); the 3008 (Active and Active LXP); 4008 and 508 (Active and Access).
Regional Director, Abuja and North of FCMB, Mr. Lukman Mustapha, described the partnership as a value-added consumer loan offering aimed at expanding the scope of vehicle ownership in the country.
He added: “We have designed this scheme to enhance the lifestyle of our existing and potential customers through discounted pricing, flexible repayment and other benefits associated with it.”
Mustapha stated that as an inclusive lender with a strong retail franchise, FCMB was committed to create opportunities for not just its customers, but all segments of the society in line with its values as a simple, reliable and helpful financial institution.
Also commenting on the auto finance alliance, FCMB’s Divisional Head, Retail Banking, Mr. Olu Akanmu, explained that apart from the flexible and convenient repayment plans, the scheme offers many more benefits.
On his part, the Managing Director/Chief Executive of PAN, Mr. Ibrahim Boyi, said that the auto maker was excited to partner FCMB to make the acquisition of vehicles easier for Nigerians.
“This is a partnership between two notable and viable brands. The auto finance scheme offers new evolutions of Peugeot cars that are durable, provides safety, comfort and fully adapted to Africa’s climate,” he stated.
While advising potential beneficiaries of the scheme to live within their means and, “avoid abusing the credit facility which the Bank will provide to them,” Boyi expressed optimism that, “many Nigerians will take advantage of this opportunity to become car owners.’’