Autochek And Appzone Group Partner To Enable Access To 400 Microfinance Institutions For Nigerians
July 27, 2021, 2:25 p.m.
Africa’s automobile is worth $45 billion a year, with only a 5% financing penetration rate.
Autochek has announced a partnership with Appzone Group towards upending that figure and giving the power to the customer.
The automotive technology company’s partnership with the fintech company will provide Nigerians with quick and flexible access to car financing.
As part of the partnership, Autochek will integrate its platform with Appzone’s digital platform, BankOne, to enable Nigerians to access credit from over 400 Microfinance institutions.
Principally, potential customers will have the opportunity to select their choice from a pool of cars that have gone through a 150 point inspection process and 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, the customers will receive multiple offers and have the option to select their most preferred financial partner.
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Appzone then 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.
Commenting on the deal, Autochek’s CTO, Chetan Seth, said that they are committed to providing customers with seamless access to credit and ultimately make them car owners.
“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 can provide vehicle financing at scale, and this will be accelerated even further by integrating with Appzone’s network. We are very much customer-focused, and we operate in an on-demand economy. We, therefore, recognise the need to efficiently provide a plethora of options for customers to access loans from. Our partnership with Appzone will enable us to further increase their options through access to the microfinance banks currently available on their platform.”
tag: autochek, finance, Transportation,
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Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.