Mohammed Iyamu: How Autochek is Democratising Vehicle Financing And Ownership in Africa
- Providing affordable vehicle financing in Africa has remained a difficult challenge for intending car owners
- Autochek, a technology-driven automotive vehicle financing company has began the process of democratizing vehicle ownership across Africa
- Mohammed Iyamu, SVP, New Markets and co-founder of Autochek said that the company is a pioneer in the use of technology to offer vehicle financing
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In October 2020, Autocheck began operations in Nigeria and rapidly expanded to Ghana, Uganda, Kenya and Cote d’Ivoire in what has been seen by industry players as one of the fastest expansions within the ecosystem.
The company leverages technology, data, knowledge and experience to provide affordable car loans to buyers and sellers and also provides them with top-notch maintenance and after-sales services.
Source: Facebook
The growth of automotive industry in Africa
Within a short period, Autochek built a network of partnerships of more than 1,200 workshops and dealers and has in its kitty over 70 financial institutions approving the disbursements of car loans across the African continent.
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The move to increase car ownership in Africa by Autochek, a vehicle financing company, is the drive behind what Mohammed Iyamu, SVP, New Markets and CoFounder of the company is doing.
Iyamu who spoke with Legit.ng’s Digital Talk Show said that the company is the first automotive technology on the continent to offer vehicle financing.
According to him, he has been involved in the digitisation platforms or sales process across Africa. Starting out in 2009, Iyamu said the focus was to use technology to drive the space and move into other ventures where he could make it easier for others to transact and sell their cars.
He said:
“And now, now financing of vehicles is a big deal across Africa and we currently solving that problem at Autochek.”
Iyamu expressed optimism about the growth of the auto industry in Africa, saying that policy by the Nigerian government to get more assembling plants, there is a lot of growth in the space.
The Co-founder said that Autochek is the pioneer of the technology in Africa despite the fact that banks and other financial institutions have been in the business of granting car loans across Africa.
Iyamu said:
“With the introduction of technology, we are able to better score people and we are also able to better assess the vehicles. It is like a group of different solutions that we are putting together to then improve the process overall.
He stated that the current $13.1 million funding is being utilised for expansion across more markets in Africa, to improve its technology and keep expanding and make it easier for people.
Iyamu said the company is not elitist in nature and stated that the need for affordable vehicles goes down to the grassroots.
He said:
“When you look at the issue of access to affordable vehicles, it goes down to the grassroots. So we are not elitist in nature. Our product serves the entire section of the market”
Moove Secures N43.5 billion funding to scale across Africa, Middle East, Asia and Europe
Legit.ng reported that Nigeria-based Africa mobility fintech firm, Moove has secured over N43 billion in new funding to give vehicle financing to drivers of ride-hail companies like Uber and gig networks in seven new frontiers across the Middle East, Africa, Asia and Europe in the next six months.
This comes after the startup got N4.15 billion in February and another N9.5 billion in August 2021 last year
The company stated that the funds will give its freelancers in other vehicle categories like tricycles and buses the needed leverage to accelerate the businesses.
Source: Legit.ng
