Autochek, a Nigerian automotive technology development company is in collaboration with Appzone Core, a subsidiary of the Appzone Group to deliver loan solutions across Nigeria. Autocheck would be integrating its platform with BankOne, Appzone Group’s digital core banking services in a move to provide access to credit all across Nigeria.
The process for credit sourcing begins with the listing of pre-qualified vehicles from the dealers on Autochek’s platform, which gives potential customers the opportunity to choose their preference from the pool of cars that have already gone through a 150 point inspection process carried out by Autochek’s accredited technical experts. Loan applications are then submitted digitally through the Autocheck website to the financial partners available on Appzone’s BankOne network.

Customers receive multiple offers and have the option to select their most preferred financial partner, all within 24 hours. Appzone transitions all accepted loan applications into BankOne’s proprietary credit administration module which automatically enables the account opening, underwriting, and eventual disbursement. There is a transparent step by step update provided for the customer throughout the whole process.
Africa’s automobile is worth $45 billion a year with only a 5% financing penetration rate. The partnership with Appzone is geared towards upending that figure and giving the power to the customer.