Autochek Partners Appzone to provide an innovative car loan solution

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By Bennett Oghifo

Autochek, the automotive technology company facilitating auto finance across Africa, has announced a partnership with Appzone Group, the continent’s leading FinTech organization, to provide Nigerians with fast and flexible access to auto finance. The partnership will see the Autochek platform integrate with Appzone’s proprietary digital banking service, BankOne, to facilitate access to credit for more than 400 microfinance institutions for Nigerians across the country.

The credit research process begins with the list of prequalified vehicles from dealerships on the Autochek platform. Potential customers have the opportunity to choose from a fleet of cars that have undergone a 150-point inspection process performed by Autochek’s accredited technical experts. Customers can then 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 preferred financial partner. Appzone transfers all accepted loan applications to BankOne’s proprietary credit administration module, which automatically allows account opening, subscription and possible disbursement. The customer is now able to get a seamless step-by-step update throughout the process.

Speaking at the official signing event, Autochek CTO Chetan Seth said, “Like much of sub-Saharan Africa, accessing finance in Nigeria is a tedious process. At Autochek, we’re committed to providing consumers with seamless access to credit to own their vehicles. Using technology, we are able to provide vehicle financing on a large scale, and this will be further accelerated by integrating with the Appzone network. We are very client-centric and operate in an on-demand economy, so we recognize the need to efficiently provide a plethora of options for clients to access loans; our partnership with Appzone will allow us to further expand their options through access to microfinance banks currently available on their platform.

Mr. Mudiaga Umukoro, CEO of Appzone Core, a subsidiary of the Appzone Group, said: “BankOne is our flagship product and Africa’s largest banking as a platform (BaaP) solution. Over the past 10 years, we have focused on the digitization of the microfinance industry. We have empowered over 400 microfinance institutions across the country, with the ability to conduct fully digital banking. And now, through our partnership with Autochek, these available institutions can now provide fast digital loans to prospective car owners all over Nigeria. This ensures a win-win approach, as MFBs can target more clients and increase their income through loan offerings, while clients across the country, in urban or remote areas, are more easily empowered with vehicles. professional and / or personal with few problems. “

The African automobile is worth $ 45 billion a year, with a financing penetration rate of just 5%. Autochek’s partnership with Appzone aims to turn that figure around and empower the customer.


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