The informal vehicle marketplace in Nigeria is difficult to navigate. The challenges that come with it include verifying the quality of a car, the legitimacy of a seller, and the lack of capital to make outright vehicle purchases. An expense of this nature can burn a hole right through an individual's or small business' pockets. With the introduction of Autochek's vehicle loans, car ownership has been made easy.
Autochek (formerly Cheki) is a leading, tech-enabled, automobile marketplace that aims to build solutions for the African market. Apart from providing a reliable platform where individuals and small businesses can purchase, sell, or service their vehicles, Autochek's mission is to provide consumers with access to easy vehicle loans.
Powering vehicle financing for everyone
Autochek's mission to make it easier for users to purchase vehicles and pay in affordable, monthly instalments needed to be powered by reliable infrastructure that helps the company make faster credit decisions.
Equipped with sufficient income information through Mono Statement Pages, the Underwriting team at Autochek is now able to accurately qualify customers for vehicle financing.
In our conversation with John Egwu, Autochek's VP of Operations, he said, "Our aim is to deliver a seamless experience for our users and as part of that, we were looking for a frictionless way of qualifying our customers for vehicle financing as well as obtaining bank statements to assess their creditworthiness. After switching to Mono Statement Pages, many customers can now share bank statements directly from their banks, streamlining our customer interactions. A stable service for statement collection is essential to our customers’ journey map and decision-making by our various teams. Here at Autochek, the Underwriting and Customer Success teams use Statement pages, alongside the Engineering and Product teams to make informed decisions”
Impact and speed that trickle down to the customer
"In addition to Bank Statements, the Mono team also continuously adds more banks to its existing list of connections. It is very common for customers to move their money between institutions, and if their preferred financial institutions are not listed, that throws a cog in the seamless process."
Mono Statement Pages has enabled Autochek to reduce processing time for verifying customer bank statements, resulting in smoother loan approvals and fewer manual steps for the Underwriting team.
Since launching in 2020, Autochek has raised $3.4 million in its pre-seed round to enhance auto trade and auto finance across Africa, by creating a single marketplace for all automobile needs. We're happy to be powering this ambitious team to achieve all it has set out to. To purchase a car or get access to a car loan, download the Autochek app on the Google Play or App Store.
If your team is looking to build better financial experiences by reliably and securely connecting to financial accounts, you can drop us a line at hi@mono.co.
