Auto check Africa Partners with Okra to Power Automobile Finance Platform

It’s safe to say that the present condition of the automobile industry in Nigeria is not ideal. In the first place, most people can’t purchase cars without having the entire amount available, which is no easy feat.

Auto check Africa Partners with Okra to Power Automobile Finance Platform

Powering the future of automobile transactions!

Buyers also need to be extra sure that sellers are legitimate. The overall process is usually tiresome for everyone involved. There should be a less stressful way to buy, sell a car, and get quality automobile services.

“Okra’s bank statement service extends to both individual customers as well as small and medium enterprises — which are the bedrock of the Nigerian economy. Our partnership with Okra has helped us achieve the truly digital auto loan offering for our customers”.

Enter Autochek Africa (Autochek), an automotive technology company that builds digital solutions targeted at enhancing and enabling automotive commerce across Africa. Operational in Nigeria and Ghana, Autochek is committed to making it easier for people to get auto loans, enjoy premium car maintenance, and generally carry out automobile-related transactions easily. Autochek’s mission resonates with us, and our API makes achieving it quite possible. Being able to verify customer identities, retrieve customer bank statements, and receive loan payments are critical for a company like Autochek. Therefore, the logical next step was to work with them and ensure that they have their business needs met.

We’re proud to say that our partnership resulted in remarkably faster loan processing times. Before the launch of their digital auto loan offering, it took about one week for customers to process their loans. Today, the average time for a customer to receive an offer has been reduced significantly to one day or less — we love to see it!

autocheck app
“At Autochek, we have pioneered the first of its kind 100% digital lending marketplace which allows the customer to apply and receive multiple offers from over 15 leading financial institutions. One of the key requirements for banks to deliver offers is access to customer’s bank statements digitally. Okra has enabled the digital transfer of statements to lenders without the need for the customer to visit the bank and go through the hassle of printing and stamping statements. Okra’s bank statement service extends to both individual customers as well as small and medium enterprises — which are the bedrock of the Nigerian economy. Our partnership with Okra has helped us achieve the truly digital auto loan offering for our customers” — Chetan Seth, CTO at Autochek.
“Fair and flexible car payment schedules should be available to consumers at scale in Africa. We’re excited to power the company (Autochek) making this possible by allowing them to assess credit risk in a way that simply hasn’t existed in the past” — David Peterside, COO at Okra.

It was a pleasure to support Autochek with improving their operations and helping them serve their customers better. You can use Okra via the Autochek app — here.

At this point, the thing to do is tell you more about the Okra Advantage — read on.

  • Need to figure out if an individual or corporate entity is who they say they are?
  • Ever tried to connect your bank account to another financial app and wanted to pull out your hair because the process was so cumbersome?
  • Does the act of having to send bank statements manually or fill out lengthy forms before using a financial app/platform wear you out?
  • Do you need current and historical bank balance information for your customers so that you can decide if they get that loan?

Worry no more — we’ve got you covered!

autocheck consumer

Africa’s API for Financial Technology

  • Our API makes getting a complete KYC profile a breeze; thus, businesses protect themselves from risk and fraud. Customers will also be more confident in the financial apps and platforms they use. Without accurate identity details, subsequent transactions can be incorrect at best and misleading at worse for customers and businesses — nobody wants that! It’s important to note that this KYC verification process works across all banks in Nigeria.
  • It’s been impossible to connect your bank account to any financial app before Okra. We’ve created a system that gives you, the customer, control over how you link your bank accounts to financial platforms. Whether you choose to use your mobile or internet banking login info, we guarantee a faster and safer onboarding experience.
  • Thanks to Okra’s API, it’s easier for you to receive and verify the details you need without resorting to the usual manual and tedious ways of working with bank statements. Sending out loans a lot faster will no longer be a dream. Your customers could even get the funds within hours! Impressive, right? We think so.
  • Speaking of getting relevant customer information, we outdid ourselves by also making it possible for you to access up to 24 months of account statements across all banks in Nigeria, in real-time too.
To make the information easy to work with, we put them in these categories: channel, benefactor, category, date, balance at the transaction time, geolocation data, flagging, and much more.
  • The fact that your customers will be able to authorise access to their bank accounts from the comfort of their homes, without spending their day sending emails or worse, standing in a long queue at a bank will be a joy for them! After all, there’s still a pandemic, and we need to stay safe. Besides, Lagos traffic is not fun, and no one wants to be caught up in that if there are traffic-free ways to get things done.
So, what are you waiting for? Now that you’re aware of how versatile our API is, how it can boost your business and drastically improve your customer onboarding experiences, it only makes sense for you to visit us at okra.ng and send an email to sales@okra.ng. We look forward to speaking with you.

And while you’re at it, don’t forget to head over to Autochek’s app or website https://autochek.africa/ to purchase a car or get access to auto loans.

Thanks so much for checking this out; see you next time!
Made by the team, with ❤️.