“Nigerians to get auto loans from over 400 MFIs” | The Guardian Nigeria News

Automotive technology company, Autochek, has announced a partnership with Appzone Group, a fintech organization, to provide Nigerians with fast and flexible access to car finance.

As part of the deal, the partnership will see the Autochek platform integrate with Appzone’s proprietary digital banking service called BankOne, to facilitate access to credit from more than 400 micro-finance institutions (MFIs) for potential buyers across the country.

Specifically, the African automotive industry is worth $45 billion a year, with a financing penetration rate of just 5%. Autochek’s partnership with Appzone aims to overturn that number and empower the customer.

The credit provisioning process begins with the list of pre-qualified vehicles from dealers on the Autochek platform. Prospective customers have the opportunity to select their choice from a group of cars that have undergone a 150-point inspection process performed by Autochek’s accredited technical experts.

After this step, 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 several offers and have the opportunity to select their preferred financial partner. Appzone transfers all accepted loan applications into BankOne’s proprietary credit administration module, which automatically enables account opening, underwriting and eventual disbursement. The customer is now able to get a seamless step-by-step update throughout the process.

Speaking at the official signing event in Lagos, Autochek Chief Technology Officer Chetan Seth said that like much of sub-Saharan Africa, access to finance in Nigeria is a process tedious.

“At Autochek, we are committed to providing consumers with seamless access to credit, to own their vehicle. Through technology, we are able to provide automotive financing at scale, and this will be further accelerated. by integrating into the Appzone network.

Seth said Autochek is customer-centric as it operates in a gig economy, so the company recognizes the need to efficiently provide a plethora of options for customers to access loans.

“Our partnership with Appzone will allow us to further increase their options through access to microfinance banks currently available on their platform,” Seth added.

Managing Director of Appzone Core, a subsidiary of Appzone Group, Mudiaga Umukoro said, “BankOne is our flagship product and Africa’s largest banking-as-a-platform (BaaP) solution.

“Over the past 10 years, Appzone has focused on digitizing the microfinance industry. It has enabled more than 400 microfinance institutions spread across the country, to have the capacity to carry out fully digital banking operations,” added Umukoro.

Through this partnership, available MFIs can now provide fast digital loans to prospective car owners across Nigeria. This ensures a win-win approach, as these institutions can target more customers and increase their income through loan offers, while customers across the country, in urban or remote areas, are more easily provided with business vehicles. and/or personal with little hassle.