Autochek, the automotive technology company that makes car ownership more accessible and affordable across Africa, has partnered with Fidelity Bank, Ghana's largest privately-owned indigenous bank, to provide consumers and businesses with more financing options as a catalyst for the country's automotive sector's growth.
Autochek has been establishing the financial infrastructure to boost the penetration of vehicle finance in Ghana and across Africa since the purchase of Cheki Ghana in 2020, backed by a data analytics engine that makes it easier for financial institutions to offer loans to individuals and companies. Consumers and companies in Ghana will be able to use Fidelity Bank's variety of financing options to acquire desired automobiles via the Autochek platform thanks to this new relationship.
Ghana has one of the fastest-growing automobile industries in Africa, with a market for used automobiles that is robust and a burgeoning market for new cars that is expected to reach $11 billion in value by 2026. A fragmented marketplace, on the other hand, means that stakeholders typically work in silos, resulting in numerous inefficiencies along the value chain. Autochek is bringing together all essential parties throughout the continent in order to strengthen the automobile financing value offering and produce shared benefit for customers, manufacturers, financial institutions, and other stakeholders.
Customers just need to complete out a quick form to apply for an autoloan when they find a car that is eligible for financing on the Autochek platform. They will begin to get offers from financial institutions such as if they match the needed conditions.
Fidelity Bank, for example, is a Ghanaian bank. After accepting the deal, the purchaser may expect to get their vehicle in 3 to 5 days.
"Our objective is to extend the penetration of vehicle finance across Africa," says Ayo Olabisi, Country Manager at Autochek. "Ghana represents an important market on that mission." Fidelity Bank has a long history of providing excellent goods and services, and we look forward to partnering with them to connect more Ghanaians to vehicle finance that is beneficial to them and other players in the sector.
"This relationship with Autocheck intends to enable people and companies in purchasing their dream automobiles at competitive rates and without worry," said Nana Esi Idun-Arkhurst, Divisional Director, Retail Banking at Fidelity Bank.
We have a variety of attractive financing choices for them to choose from, and we are convinced that Autochek's technology will have a huge influence across Ghana's automotive value chain."
This partnership exemplifies our commitment to work with key stakeholders to develop goods and services that meet the requirements of both our customers and non-customers," she said.
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