Nigeria’s Autochek launches an online truck loans marketplace, the first of its kind

An auto tech startup founded in Nigeria called Autochek launches an online truck loans marketplace in Nigeria and Ghana which is the first-ever in Africa as it aims at developing solutions for the African market. This is the first of its kind in Africa and will see the trucking industry shift towards online transactions and lead to increased financial inclusion.

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Autochek has a unique digital platform for all automotive needs, integrates technologies and data to transform the purchasing and sale experiences of African customers. As Autochek launches an online truck loans marketplace it will offer truck financing solutions with support from partners like Baobab Group & FundQuest.

Autochek launches an online truck loans marketplace with top performance

The startup has made ground breaking progress since its launch in September 2020 and raised a US$3.4 million pre-seed funding round. According to Disrupt Africa, the Autochek app has 20,000 unique vehicles listed on its platform, and more than 12,000 dealers and private sellers as well as a range of corporate partners and customers. It has now announced the launch of its online truck loans marketplace in Nigeria and Ghana, in a bid to migrate the trucking industry to online transactions and increase financing penetration. 

Autochek launches an online truck loans marketplace and is working with core logistics partners to improve transportation and ease the process of owning a truck for many in Nigeria and Ghana as part of the roll-out to fund trucks for African e-logistics transporters and truck owners. This effort ensures that consumers who wish to buy a truck will do so with the best finance available.

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With hundreds of truck dealers on its network throughout Nigeria and Ghana, its fleet comprises Flatbeds, Semi-trailers, Tankers, as well as Heavy, Trash, and Panel trucks. The new platform is accessible via the Autochek Android app or website, and all trucks are subjected to a 150-point review inspection process before being identified to inform consumers of the exact condition of the trucks.

Autochek Truck Marketplace 2

John Egwu, Autochek’s VP of Operations said, “Autochek’s focus has always been on transforming automotive trade on the continent. Now it is time for us to extend our services to trucks, as we build out our network and support our partners by providing a structured market for them to purchase and maintain their fleet.”

He further explained, “Financing penetration for trucks is lower than one per cent in Africa and our ambition is to migrate what is known to be a core offline market to a digital platform, in order to increase financing penetration and create a one-stop-shop that will not just meet partners’ needs but also ultimately increase earning capabilities and job creation across the value chain.”

Auotchek hopes to revolutionize the transportation sector all over the continent with digital solutions and while contributing to financial inclusion at the same time.

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