Ecobank, in partnership with selected Automobile Dealers and Allianz Insurance on Tuesday, launched Ecobank Auto Finance to empower Ghanaian workers to acquire new and used vehicles.

The offer comprises highly reduced interest rates on auto loans by Ecobank and significantly discounted vehicle prices from each of the automobile dealers.

Speaking at the launch event, the Managing Director of Ecobank Ghana and Regional Executive for Anglophone West Africa, Dan Sackey, said, “Available data indicates that Ghana’s Automobile market was valued at $4 billion in 2020 and is expected to grow to $11billion in 5 years.  

"This projected growth is, to some extent, attributable to the government’s transformational agenda, which has identified Vehicle Assembly and Automotive Components Manufacturing as a strategic anchor for growth and development.

"The automotive sector in Ghana generally consists of imported used cars from retailers, as well as wholesalers who deal in the sale of new vehicles. As one of Ghana’s most recognised, respected and high performing financial services brands, Ecobank has  joined Allianz Insurance and  various other auto dealers in our resolve  to provide our customers with the very best deals through partnerships.”

Mr Sackey stressed that by partnering the selected automobile dealers in Ghana, Ecobank was offering its customers yet another outstanding package under Ecobank Auto Finance.

He urged Ghanaian workers to take full advantage of this flexible offer, which promises discounts on car prices and very competitive interest rates from Ecobank.

On his part, the Chief Finance Officer and Executive in charge of Consumer Banking, Dr Edward Botchway said, “We present Ghana with one of the biggest offers in terms of Automobile Finance in the banking industry. For the first time, Ecobank has brought together many automobile dealers with a variety of vehicle brands to meet the needs and lifestyles of Ghanaians at very competitive and affordable rates.

"At Ecobank, we are determined to consistently provide our customers with the best offers, 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”.

He further indicated that the offer was also available to corporate organisations who may want to make additions to their existing fleet.

Dr Botchway encouraged Human Resource and Administrative Heads also to take advantage of the offer to support their staff members to acquire their dream cars, as this will give them the required peace of mind to work productively.

In concluding his remarks, Dr Edward Botchway intimated that “The combination of factors that make this offer exciting and compelling include; the substantially discounted car prices by the auto dealers, highly reduced interest rates by Ecobank, quick turnaround time and long term savings over the useful life of the vehicles.”

Discussing the mechanics and mode of operation of the package was Mr Kwesi Attobrah, Head of Personal Banking at Ecobank.

He indicated that All it takes is for a prospective buyer to pick a proforma invoice from any of the partner dealers, present the invoice to a Relationship Manager at any branch of Ecobank, together with a duly completed loan application form.

The bank will process the application and provide feedback within 48Hrs, after which the dealer will be informed to proceed with the vehicle ownership transfer process.

The dealer is expected to complete vehicle documentation within 72Hrs and deliver the vehicle to the customer after all processes are satisfactorily completed. The loans are available to salaried workers operating current accounts with the bank.

Non-Ecobank customers are also eligible to apply. The loan tenure is up to five years and no initial down payment is required.

He mentioned the partner auto dealers as Silver Star Auto, Toyota Ghana, Japan Motors, Stallion Group, MAC Ghana, Autocheck, Universal Motors and Premium Motors.