Customer story

Powering the future of automobile transactions!

Learn how Autochek uses Data and Payment APIs to reduce the number of autoloan processing and increase conversion 2x the initial process.

Overview

Autochek Africa is an automotive technology company that builds digital solutions targeted at enhancing and enabling automotive commerce across Africa. Operational in Nigeria and Ghana.

Industry

Automotive Technology

Goal

Reduce autoloan processing time

  • Auth
  • Balance
  • Identity
  • Income
  • Transactions

Autochek’s Key Results

90.96%

Successful API calls

56.1%

Conversion rate

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. 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.

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.

automobile-technology

“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”

lending

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

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.

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.

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“Working with Okra has been immensely valuable. Their continuous drive to push innovation boundaries in a complex market like Nigeria will unlock more paths for businesses like ours...”

Jubril Juma Head of Product Strategy

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