Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, has partnered with Fidelity Bank, Ghana’s largest private indigenous bank, to facilitate access to more car ownership. Financing Options for Consumers and Businesses as a Catalyst for the Growth of Ghana’s Automotive Sector. sector.
Since acquiring Cheki Ghana in 2020, Autochek has built the financial infrastructure to drive automotive finance penetration in Ghana and across Africa, powered by a data analytics engine that enables financial institutions to offer more easily credit to consumers and businesses. This new partnership will make it easier for consumers and businesses in Ghana to take advantage of Fidelity Bank’s range of financing options to purchase desired vehicles through the Autochek platform.
Ghana is one of the fastest growing automotive markets in Africa, expected to reach $11 billion by 2026, with a strong market for used cars and a growing market for new cars. However, a fragmented market means stakeholders often work in silos, leading to various inefficiencies throughout the value chain. Autochek brings together all relevant stakeholders to improve the automotive finance value proposition across the continent and create shared value for consumers, manufacturers, financial institutions and other stakeholders.
When customers identify a vehicle available for financing on the Autochek platform, all they have to do is complete a short form to request the automatic loan. If they meet the required criteria, they will start receiving offers from financial institutions such as Fidelity Bank in Ghana. When the customer accepts the offer, he can receive his vehicle within 3 to 5 days.
According to Ayo Olabisi, Country Manager at Autochek, “Our mission is to deepen the penetration of automotive finance across Africa, and Ghana represents an important market in this mission. Fidelity Bank has an established reputation for providing excellent products and services and we look forward to working more closely with them to connect more Ghanaians to auto finance that works for them and other auto industry stakeholders.
Nana Esi Idun-Arkhurst, Division Director, Retail Banking at Fidelity Bank, said, “This partnership with Autocheck aims to help individuals and businesses buy their dream cars at competitive rates and stress-free. We have an exciting range of financing options for them to take advantage of and we are confident that with Autochek’s technology, we will have a significant impact on Ghana’s automotive value chain”.
This collaboration underscores our commitment to partner with relevant stakeholders to deploy products and services that meet the needs of our many customers and non-customers,” she added.
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