- says doors are still open to individuals and corporates
Bank of Africa Ghana Limited (BOA) has successfully provided funding for 101 of its customers in one year, to procure brand-new vehicles through a scheme dubbed ‘auto financing solution’ – an initiative introduced to assist individuals and corporate organisations purchase their dream vehicle and pay on an instalment basis over a five-year period.
The innovative solution was launched in partnership with CFAO Motors Ghana, a lead automobile dealer in the country, during the COVID-19 pandemic period and offers a reduced fixed interest rate of 17 percent per annum – repayable within one-to-five years depending on the client’s arrangement – for an initial deposit of just 25 percent.
BOA reiterated that opportunities still exist for individuals and corporate entities to access the highly flexible facility to purchase their business-needed and personal dream automobiles.
According to the Group Head-Retail Banking for BOA, Alex Agyei-Amponsah, per the bank’s arrangement with CFAO, a qualified interested client walks to any CFAO showroom and picks any brand-new vehicle of their choice and the bank pays on the client’s behalf. The cost is then split over a period of time for the customer to pay on an instalment basis.
He made these remarks at a short ceremony held by the bank to reward its 101st client to utilise the Auto Financing Solution
The bank signed the customer onto the CFAO maintenance programme dubbed ‘Akwaaba Maintenance’, which is an after-sales initiative that is scheduled for servicing new vehicles that have hit an initial 20,000km mileage or may have been in use for a year. The customer was signed onto a 40,000km schedule. In addition, the customer was presented with branded souvenirs from both the Bank of Africa and CFAO.
To throw more light on the project, Mr Agyei-Amponsah indicated that this initiative comes with great deals – among which are no collateral, vehicle fully insured, three years or 100,000km warranty, and a highly subsidised interest rate compared to other similar products on the market.
Interestingly, to qualify for this auto financing solution as an individual all that’s required is the person be a salaried worker in full employment and a customer of BOA. However, non-customers of BOA can also apply by walking into any CFAO showroom, picking and filling a form, presenting a valid ID card plus proof of salary (confirmed payslip for three months), six months bank statement, among others, and drive home a dream car in less than 10 days.
Receiving his prize, the Chief Operating Officer-Kaksfour Commodities & Investments Ltd., Francis Kwame Peprah, expressed his heartfelt gratitude to the BOA and CFAO for presenting them with such gifts on top on a loan facility to purchase two vehicles for business operations.
“We bought the Mitsubishi L200 pick-up, and we have been enjoying it very well since then; and so I would like to recommend this product from BOA and CFAO to every corporate brand that needs vehicles for their business. The terms and rate are very favourable,” he said.
The group head also emphasised that BOA is one of the banks which have signed up for the global Sustainable Development Goals (SDGs), and so a sustainable environment is key on the bank’s agenda – and this initiative will afford the public an opportunity to own brand-new vehicles as against second-hand ones in order to reduce carbon emissions into the environment.
