Autochek partners Appzone on car loans

Autochek, the automotive technology company, has announced a partnership with Appzone Group, a FinTech organisation, to provide Nigerians with access to car financing.

The partnership will see the Autochek platform integrating with Appzone’s proprietary digital core banking service, BankOne, in facilitating access to credit from over 400 Microfinance institutions for Nigerians.

Africa’s automobile is worth $45 billion a year, with only a five per cent financing penetration rate. Autochek’s partnership with Appzone is geared towards upending that figure and giving the power to the customer.

Autochek Chief Technology Officer Chetan Seth said the credit sourcing process starts with the listing of pre-qualified vehicles from the dealers on Autochek’s platform.

Potential customers, he said, 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.

Seth during at the official signing event, said the customers are then able to submit their loan applications digitally through the autochek website to over 400 financial partners available on Appzone’s BankOne network.

“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,” he said.

Seth added: “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 Chief Executive Officer of Appzone Core, a subsidiary company of Appzone Group, Mr. Mudiaga Umukoro, said: “BankOne is our flagship product and Africa’s foremost Banking-as-a Platform (BaaP) solution. Over the last 10 years, we have focused on digitising the Microfinance sector. We have enabled over 400 microfinance institutions, digital banking and now through our 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. ”




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