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Autochek, Appzone sign MoU on innovative auto loan solution delivery

Autochek, Appzone sign MoU on innovative auto loan solution delivery

Autochek, the automotive technology company facilitating auto financing across Africa, has announced a partnership with Appzone Group, a FinTech organisation, to provide Nigerians with quick and flexible access to car financing.

Under this MoU, the partnership will see the Autochek platform integrating with Appzone’s proprietary digital core banking service called BankOne, in facilitating access to credit from over 400 micro-finance institutions for prospective buyers across the country.

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.

After that stage, 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.

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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 the 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: “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’’.

The CTO declared that Autochek is very much customer-focused as it operates in an on-demand economy, the company therefore recognises 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”. Seth stated

On his part, Mudiaga Umukoro, the chief executive officer of Appzone Core, a subsidiary company of Appzone group said: “BankOne is our flagship product and Africa’s foremost Banking-as-a Platform (BaaP) solution’’.

Over the last 10 years Appzone have focused on digitizing the microfinance sector. It has enabled over 400 microfinance institutions spread across the entire country, with the capability for fully digital banking operations

Now through Appzone’s partnership with Autochek, these Institutions available can now provide quick digital loans to prospective car owners anywhere in Nigeria. What this ensures is 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.

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.