Automotive sector

Access to finance is necessary for the development of the automotive sector, says Autochek

Bennett Oghifo

A leader in automotive technology, Autochek is poised to facilitate access to financing options for motor vehicles in Nigeria and across Africa.

Speaking at the first-ever Auto Finance Summit in Lagos on Wednesday, Etop Ikpe, CEO of Autochek, pointed out that various stakeholders had worked in silos in the past and that the auto sector needed a multi-pronged approach. funding levels to reach its full potential. potential in Nigeria and across the continent.

Ikpe further pointed out that finance is critical for the automotive ecosystem as it plays a critical role in alleviating transport poverty and impacts the entire value chain including dealerships, workshops , SMEs and ultimately the consumer. He also highlighted the need to educate consumers 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 1,000 dealer and workshop partner locations, Autochek is committed to creating solutions for improve trade and synergy between the various stakeholders in the African automotive sector. Its products and services include facilitating access to automotive 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 for more Africans and this event brought together key stakeholders to Engage in the conversations needed to drive growth and opportunity in Africa’s automotive sector.

Notable guests at the summit were the Chief Executive of the National Automotive Design and Development Council, Jelani Aliyu, the National Chairman of the Automobile Dealers Association of Nigeria, Prince Ajibola Adedoyin, Omobola Johnson, the former Minister of Communications and TLcom Capital lead partner, Dr Adebola Akindele GMD. Courteville Solutions, Bisi Oni, ED, FundQuest Financial Services Limited, etc.

Key discussions at the summit included “Releasing Constraints to Drive Growth and Job Creation in the Automotive Industry”, “The Future of Automotive Finance and Opportunities for the Continent” and “The Effect of integrated finance drive to support digital and financial inclusion in Africa”. .