Leading automotive technology company, Autochek is moving to provide easier access to financing options for automobile vehicles in Nigeria and across Africa.

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Speaking at the first-ever auto finance summit in Lagos on Wednesday, Etop Ikpe, Chief Executive Officer at Autochek highlighted that various stakeholders had been working in silos in the past and that the automotive sector needs a multi-layered approach to financing to reach its full potential in Nigeria and across the continent.

Ikpe further emphasised that financing is critical for the auto ecosystem as it plays a critical role in alleviating transportation poverty and impacting the whole value chain including dealers, workshops, SMEs and ultimately the consumer. He also stressed the need for consumer education on how to responsibly access credit and make the most of the financing solutions available to them, as well as other related services.

With operations across West and East Africa and a partner-led retail footprint in over 1000 dealer and workshop partner locations, Autochek is committed to building solutions to enhance commerce and synergy between the different stakeholders in Africa’s automotive sector. Its products and services include facilitating access to auto loans, quality maintenance/after-sales services, warranty solutions and transactional marketplaces. 

Mayokun Fadeyibi, SVP West Africa highlighted that Autochek is building the infrastructure to make car ownership more accessible and affordable to more Africans and this event has brought together key stakeholders to engage in the necessary conversations to drive growth and opportunities across Africa’s automotive sector.

Notable guests at the summit were Director-General, National Automotive Design And Development Council, Jelani Aliyu, National Chairman, Association of Motor Dealers of Nigeria, Prince Ajibola Adedoyin, Omobola Johnson, Former Minister of Communications and Senior Partner TLcom Capital, Dr Adebola Akindele GMD Courteville Solutions, Bisi Oni, ED, FundQuest Financial Services Limited, etc.

Key discussions addressed at the summit included ‘Unlocking constraints to boost growth and job creation in the automotive industry’, ‘Future of automotive financing and opportunities for the continent’ and ‘The ripple effect of embedded finance to support digital and financial inclusion in Africa’.