Customers of Nigeria’s emerging startups, Autochek are in for a great deal as the auto startup is partnering with Okra to offer users Autochek access to digital car loans facilitated by Okra. This is coming as Autochek aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, starting with Nigeria and Ghana.
Autochek plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after sales support and warranties.
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It could be recalled that Autochek launched just a few months ago, specifically in September but has already acquired automotive marketplaces Cheki Nigeria and Cheki Ghana, as well as raised a US$3.4 million pre-seed funding round. It has also commenced operations in Accra, Ghana.
With this partnership, the Nigerian leading fintech startup Okra will assist with the financing side of its operations. Launched in January 2020, Okra is an API creating a secure portal and process to exchange real-time financial information between customers, applications and banks. The company is Africa’s first API “super-connector”, and raised funding from TLcom Capital last April.
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Okra’s bank statement service extends to both individual customers as well as small and medium enterprises. Its partnership with Autochek has established a truly digital auto loan offering for customers, allowing Autochek to verify customer identities, retrieve customer bank statements, and receive loan payments.
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“At Autochek, we have pioneered the first of its kind 100 per cent digital lending marketplace which allows the customer to apply and receive multiple offers from over 15 leading financial institutions. One of the key requirements for banks to deliver offers is access to customer’s bank statements digitally. Okra has enabled the digital transfer of statements to lenders without the need for the customer to visit the bank and go through the hassle of printing and stamping statements,” said Chetan Seth, chief technology officer (CTO) at Autochek.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry