Autochek, the automotive technology company facilitating auto financing across Africa, has announced a partnership with Appzone Group, the continent’s leading FinTech organization, to provide Nigerians with quick and flexible access to car financing.
The partnership will see the Autochek platform integrating with Appzone’s proprietary digital core banking service, BankOne, in facilitating access to credit from over 400 Microfinance institutions for Nigerians across the length and breadth of the country.
Africa’s automobile is worth $45 billion a year, with only a 5% financing penetration rate. Autochek’s partnership with Appzone is geared towards upending that figure and giving the power to the customer.
The credit sourcing process starts with the listing of pre-qualified vehicles from the dealers on Autochek’s platform. Potential customers have the opportunity to select their choice from a pool of cars that have gone through a 150 point inspection process carried out by Autochek’s accredited technical experts.
The customers are then able to submit their loan applications digitally through the Autochek website to over 400 financial partners currently available on Appzone’s BankOne network. Within 24 hours, customers receive multiple offers and have the option to select their most preferred financial partner.
Appzone transitions all accepted loan applications into BankOne’s proprietary credit administration module which automatically enables the account opening, underwriting and eventual disbursement. The customer is now able to get a transparent step by step update throughout the whole process.
Speaking at the official signing event, Chief Technology Officer at Autochek, Chetan Seth said the company understands it operates in an on-demand economy and therefore recognises the need to efficiently provide a plethora of options for its customers to access loans. The partnership with Appzone will, therefore, enable the company to further increase its options through access to the microfinance banks currently available on the platform
“Like much of Sub-saharan Africa, obtaining access to financing in Nigeria is a tedious process. At Autochek, we are committed to providing consumers with seamless access to credit in order for them to own their vehicles. With technology, we are able to provide vehicle financing at scale, and this will be accelerated even further by integrating with Appzone’s network. Chetan Seth, Chief Technology Officer at Autochek
On his part, the CEO of Appzone Core, a subsidiary company of Appzone Group, Mudiaga Umukoro said microfinance institutions can now provide quick digital loans to prospective car owners anywhere in Nigeria through this partnership with Autochek.
This, he said, would ensure a win-win approach as MFBs can target more customers as well as increase revenue through loan offerings, whilst customers across the country, either in urban or remote areas, are more easily empowered with business and/or personal vehicles with little hassle.
“BankOne is our flagship product and Africa’s foremost Banking-as-a Platform (BaaP) solution. Over the last 10 years we have focused on digitizing the Microfinance sector. We have enabled over 400 Microfinance Institutions spread across the entire country, with the capability for fully digital banking operations,” Mudiaga Umukoro ssaid.
Africa’s automobile is worth $45 billion a year, with only a 5% financing penetration rate. Autochek’s partnership with Appzone is geared towards upending that figure and giving the power to the customer..