Ghana is one of the fastest-growing automobile markets in Africa with a projected value expected to reach $11 billion by 2026. It has a strong market for used cars and a growing market for new cars.
However, a fragmented marketplace means stakeholders are often working in silos which leads to various inefficiencies across the value chain.
To improve the automotive finance value proposition across the continent and drive the share value for consumers, manufacturers, financial institutions and other stakeholders, Autochek, an automotive technology company has partnered with Fidelity Bank to make car ownership more accessible and affordable in Ghana.
The partnership seeks to provide easier access to more financing options for consumers and businesses as a catalyst for growth in Ghana’s automotive sector.
Auto financing
At the signing ceremony in Accra last Friday, the Country Manager at Autochek, Ayo Olabisi, said “Our mission is to deepen the penetration of auto financing across Africa, and Ghana represents a significant market on that mission.
Fidelity Bank has an established reputation for delivering great products and services and we are looking forward to working more closely with them to connect more Ghanaians to auto financing that works for them and other stakeholders in the automotive industry.”
He said since the acquisition of Cheki Ghana in 2020, his outfit has been building the financial infrastructure to drive the penetration of auto financing in Ghana and across Africa, powered by a data analytics engine that makes it easier for financial institutions to offer credit to consumers and businesses.
The new partnership, he said, would make it easier for consumers and businesses across Ghana to leverage Fidelity Bank’s range of financing options to purchase the desired vehicles via the Autochek platform.
When customers identify a vehicle that is available for financing on the Autochek platform, they simply need to fill a short form to apply for an autoloan. If they meet the required criteria, they will begin to receive offers from financial institutions such as Fidelity Bank in Ghana.
When the customer accepts the offer, they are able to receive their vehicle within three to five days,” Mr Olabisi said.
Innovation
The Divisional Director of Retail Banking at Fidelity Bank, Nana Esi Idun-Arkhurst, said the partnership would support individuals and businesses to purchase their dream cars at competitive rates without stress.
At Autocheck, we have an innovative digital platform that bridges all these gaps and presents a virtual showroom of authenticated vehicles to you right from the comfort of your phone or smart device.
“This solution-oriented innovation is typical of our Fidelity DNA, and that is why we are happy to join forces with Autocheck to further simplify the process and make the process of purchasing a vehicle even easier with our exciting auto-loan offering,” she said.