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PAN, FCMB sign MoU to provide new cars for low income earners

October 29, 2015 4:44 PM

Thanks to a Memorandum of Understanding (MoU) on auto loan, signed by PAN Nigeria and First City Monument Bank (FCMB), medium and low income earners can buys cars now.

Peugeot plant

Peugeot Automobile Nigeria (PAN) and First City Monument Bank (FCMB) have signed a Memorandum of Understanding (MoU) that offers an auto loan to medium and low income earners.

This loan gives people the opportunity to buy totally new Peugeot cars and repay every month over a period of 60 months.

At the launch in Abuja, Ibrahim Boyi, the managing director of PAN, spoke on the importance of the loan and the impact Peugeot has on Nigerians.

“You can’t take Peugeot off the roads. Some cars produced 30 years ago still ply the roads in Nigeria. This is the quality; this is the heritage we are preaching. We offer yet another opportunity with the FCMB for our prospective customers to relive the legacy, heritage and experience of Peugeot cars. Our cars today are better. They are modern to meet the developments in the markets.”

READ: Nigerian man makes car with fibre, straw

FCMB's regional director, Abuja and North, Olajire Awofisibe, also spoke on the loan.

“Instead of buying fairly used motor vehicles, why don’t you go for new ones at even a better price?