Automotive technology company making car ownership more accessible and affordable across Africa, Autochek, has partnered with Fidelity Bank, Ghana’s largest privately-owned indigenous bank, to provide easier access to more financing options for consumers and businesses as a catalyst for growth in Ghana’s automotive sector.
Since the acquisition of Cheki Ghana in 2020, Autochek has been building the financial infrastructure to drive the penetration of auto financing in Ghana and across Africa, powered by a data analytics engine that makes it easier for financial institutions to offer credit to consumers and businesses. This new partnership will make it easier for consumers and businesses across Ghana to leverage Fidelity Bank’s range of financing options to purchase the desired vehicles via the Autochek platform.
Ghana is one of the fastest-growing automobile markets in Africa, projected to reach $11 billion in value by 2026, with a strong market for used cars and a growing market for new cars. However, a fragmented marketplace means stakeholders are often working in silos which leads to various inefficiencies across the value chain. Autochek is bringing together all relevant stakeholders to improve the automotive finance value proposition across the continent and drive shared value for consumers, manufacturers, financial institutions and other stakeholders.
When customers identify a vehicle that is available for financing on the Autochek platform, they simply need to fill out a short form to apply for the auto loan. If they meet the required criteria, they will begin to receive offers from financial institutions such as Fidelity Bank in Ghana. When the customer accepts the offer, they are able to receive their vehicle within 3 – 5 days.
According to Ayo Olabisi, Country Manager at Autochek, “Our mission is to deepen the penetration of auto financing across Africa, and Ghana represents a significant market on that mission. Fidelity Bank has an established reputation for delivering great products and services and we are looking forward to working more closely with them to connect more Ghanaians to auto financing that works for them and other stakeholders in the automotive industry.
Nana Esi Idun-Arkhurst, Divisional Director, Retail Banking at Fidelity Bank said “This partnership with Autocheck is to support individuals and businesses to purchase their dream cars at competitive rates and without stress. We have an exciting range of financing options that they can take advantage of and we are confident that with Autochek’s technology, we will achieve significant impact across Ghana’s automotive value chain”.
This collaboration emphasizes our commitment to partner with relevant stakeholders to roll out products and services that align to the needs of our numerous customers and non-customers alike”, she added.