Car ownership set for boost as Ecobank, Allianz introduce Auto Finance scheme

Car ownership in the country is set for a significant boost as the Pan-African bank, Ecobank, in partnership with Allianz Insurance has rolled out its innovative, class-leading facility - the Ecobank Auto Finance scheme. 

Available to corporate and individual customers, the facility, which is open to current account holders of the bank, will allow for the purchase of new vehicles from partnering dealers including - Autocheck, Japan Motors, Toyota Ghana, Silver Star Auto, Stallion Group, Mac Ghana, Universal Motors and Premium Motors. 

There is the added option for the purchase of fairly used cars of not more than five years old, all at discounted prices from the dealers, with industry-leading low interest credit from the bank.

At the formal launch of the scheme, which was held virtually, the Managing Director of Ecobank, Daniel Sackey said the move could not have come at a better time.

He argued that with Ghana’s automobile market set to almost triple over the next five years, from its current US$4 billion valuation to some US$11 billion, spurred on by rapid urbanisation and the state’s industrialization agenda, which has seen a number of leading original equipment manufacturers (OEMs) set up plants in the country, with more expected to join soon.

“Ecobank, as one of the key banks in the country, is offering car loans at competitive rates, below the industry average because of the growth potential of the automobile industry and its implications for other sectors.

As such, we are addressing the missing link in this, which is finance… Our scheme will provide a unique opportunity for first time car owners, especially young people, to buy a wide variety of vehicles in a manner that will provide peace of mind,” he said.

Chief Financial Officer and Executive-in-charge of the Consumer Banking Department, Dr. Edward Botchway, stated that whilst his outfit is capable of undertaking the venture alone, it appreciates the many benefits that come with partnerships. Hence, the bank’s decision to collaborate with strategic industry players.

“At Ecobank we are determined to always provide our customers with the best offers and accordingly offer you a wide range of vehicles, both new and slightly used, targeted at the lower, middle and upper segments of the market. By this, we are ensuring that every individual, including the first-time car buyer, can take advantage of this offer to own a vehicle of your choice at an affordable price.”

The Auto Finance Scheme is available at all the branches of Ecobank, and at the outlets of any of the aforementioned dealer-partners and can be accessed and processed in 48 to 120 hours.