Improved access to finance will boost the automotive sector’s growth – Autochek

Automotive technology company, Autochek, says it is taking steps to make car financing more accessible in Nigeria and across Africa.

Etop Ikpe, Chief Executive Officer of Autochek, stated this at the first ever auto finance summit in Lagos Wednesday that various stakeholders had previously worked in silos and that the automotive sector requires a multi-layered approach to financing to reach its full potential in Nigeria and across the continent.

Ikpe emphasised that financing is critical for the auto ecosystem because it helps to alleviate transportation poverty and has an impact on the entire value chain, including dealers, workshops, SMEs, and, ultimately, the consumer. He also emphasised the importance of consumer education on how to access credit responsibly and make the most of the financing options available to them, as well as other related services.

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With operations in West and East Africa and a partner-led retail footprint in over 1000 dealer and workshop partner locations, Autochek is dedicated to developing solutions to improve commerce and synergy among Africa’s automotive stakeholders. Its products and services include facilitating access to auto loans, providing quality maintenance and after-sales services, warranty solutions, and operating transactional marketplaces, the organisation revealed at the summit.

Mayokun Fadeyibi, SVP West Africa, stated that Autochek is constructing infrastructure to make car ownership more accessible and affordable to more Africans, and that this event has brought key stakeholders together to engage in the necessary conversations to drive growth and opportunities across Africa’s automotive sector.

Director General, National Automotive Design And Development Council, Jelani Aliyu, National Chairman, Association of Motor Dealers of Nigeria, Prince Ajibola Adedoyin, Omobola Johnson, Former Minister of Communications and Senior Partner TLcom Capital, Dr Adebola Akindele GMD Courteville Solutions, Bisi Oni, ED, FundQuest Financial Services Limited, and others were among those who attended the summit.

Key discussions addressed at the summit included ‘Unlocking constraints to boost growth and job creation in the automotive industry’, ‘Future of automotive financing and opportunities for the continent’ and ‘The ripple effect of embedded finance to support digital and financial inclusion in Africa’.