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Anabella Sevyn

Review Nigeria’s Autochek launches monetary products and services to boost up get entry to to automobile financing

Anabella Sevyn

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Nigerian startup Autochek, an auto-tech platform making automotive possession extra obtainable and inexpensive throughout Africa, has introduced the release of Autochek Monetary Products and services, a brand new arm of the industry that can center of attention on offering a variety of auto financing answers for customers and companies around the continent.

Autochek targets to construct virtual answers that can fortify and allow a continuing and secure car trade enjoy throughout Africa. The corporate makes use of era to change into the car purchasing and promoting enjoy for African customers, by way of making a unmarried market for customers’ car wishes, from sourcing and financing to after gross sales enhance and warranties.

Acquisitions were central to the startup’s fast enlargement technique. Autochek introduced in September 2020 having got car marketplaces Cheki Nigeria and Cheki Ghana from ROAM Africa. Along with Ghana, it has expanded to Kenya and Uganda, with the latter two launches having once more been achieved by way of the purchase of Cheki houses.

In Would possibly, it got Moroccan counterpart KIFAL Auto to force its enlargement into the North Africa area. And the startup, which ultimate 12 months raised a US$13.1 million seed investment spherical for West African enlargement, in July moved into Ivory Coast, Senegal and different French-speaking international locations with the purchase of CoinAfrique.

It’s now including further products and services to its platform. Autochek Monetary Products and services will proceed to enhance Autochek’s Market platform, which companions with automotive sellers and different provider suppliers to make it more uncomplicated for customers and companies to finance their automobiles. It is going to additionally supply easiest in school era and advisory answers to automotive sellers, monetary establishments and different stakeholders in Africa’s car ecosystem, supporting them to make stronger credit score decisioning, collections, pricing, portfolio control and product building, in addition to ship an enhanced buyer enjoy.

Since its release, Autocheck has labored with greater than 70 monetary establishments and greater than 2,000 dealerships to procedure greater than 80,000 automotive mortgage packages. Leveraging the achieve of its on-line market, the corporate originates auto loans powered by way of information analytics that makes it more uncomplicated for monetary establishments to supply credit score to customers. With the release of Autochek Monetary Products and services, the corporate is now situated to double down its efforts to boost up get entry to to finance for Africans, and to make stronger the rate, construction and pricing of auto-financing at the continent.

Headquartered in Johannesburg, South Africa, Autochek Monetary Products and services will probably be led by way of Johan van der Merwe, a monetary products and services veteran with greater than twenty years’ enjoy in chance, credit score and asset finance. Sooner than becoming a member of Autochek Monetary Products and services as CEO, Johan had earlier roles as leader chance officer at WesBank Motor, one among South Africa’s main automobile and asset finance suppliers; and SA Taxi, a vertically built-in corporate that gives financing, insurance coverage and different products and services for the minibus taxi trade in South Africa.

“Johan brings a wealth of enjoy to Autochek Monetary Products and services and we’re excited to have him on board as we construct the infrastructure to change into car trade throughout Africa. We need to empower extra Africans with seamless get entry to to automobile financing and we’re taking a look ahead to turning in extra answers to bridge the affordability hole and make it more uncomplicated for extra Africans to buy the automobiles they would like,” mentioned Etop Ikpe, Staff CEO and co-founder of Autochek.

van der Merwe mentioned he noticed a superb opportunity to force shared price for customers, producers, monetary establishments and different stakeholders by way of unlocking financing.

“I strongly consider that we will be able to construct the infrastructure to make this occur. Etop and the crew have performed a large number of remarkable paintings to ship the luck Autochek has noticed to this point and I’m taking a look ahead to operating with them to ship extra luck and extra expansion around the continent’s car sector,” he mentioned.
 

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