Autochek, the automotive technology company that aims to facilitate auto finance across Africa has officially launched its operations in Kenya.
Having recently acquired automotive marketplaces Cheki Kenya and Cheki Uganda from ROAM Africa, Autochek says the move into the Kenyan market signals its focus on building digital solutions that will increase market adoption for auto loan financing and drive partner prosperity for its core stakeholders, such as dealerships, garages and financial institutions.
With credit penetration in Kenya at 27.5% and over 400,000 car sales per annum, East Africa’s growing market is positioned as a key auto financing hub. Autochek says it will leverage its 360-degree automotive solutions to provide vehicle financing and after-sales services through its finance partners such as NCBA Group, Caritas MFB, KKVL, Musoni and Sidian. With Cheki Kenya’s operations fully integrated with Autochek’s, the company now has over 12,000 unique vehicles listed on the Autochek app and have onboarded licensed brand new car manufactures as well as used car dealers.
To ensure vehicles are kept in good condition, customers in Kenya can access affordable and expert maintenance services from standardised workshops (AutoXpress, Motor Consult, Kei Cars & ) and insurance partners( PesaBazaar & MTEK) via Autochek’s partner network.
Speaking at the official launch event in Nairobi, Etop Ikpe, Founder and CEO of Autochek said “With a high credit penetration rate, Kenya is an exciting market for us to be expanding into. The Kenyan market presents an opportunity for us to build on what Cheki Kenya has done over the last decade and to build technology solutions that will drive growth in Africa’s automotive industry.
“We’ve had great success in our pilots by adapting and tailoring our solutions for different consumers. As we expand our operations in Kenya, we are excited to welcome Bilhah on board, who we found to be a strong leader with a solid background in the finance and automotive sector, and is equipped to lead the team in Kenya as we continue to expand our footprint across East Africa and beyond.” he said.
Autochek has appointed Bilhah Muriithi to lead its operations in Kenya. Bilhah joins Autochek from NCBA BANK PLC, Digital Business, where she was responsible for running the Carduka portal, an online motor vehicle platform, as the Business Manager.
“We foresee great opportunities in Kenya – not just for Autochek, but also for key stakeholders and consumers. By moving into Kenya, we are able to deliver great opportunities for innovation. I am excited to be joining this highly motivated team, who are passionate about making a real impact across the continent.” Bilhah said.
Launched in 2020 and backed by TLcom Capital and 4DX Ventures, Autochek combines technology underpinned by data analytics to deepen auto finance penetration across the continent. Powered by its residual value algorithm, Autochek is able to pre-qualify customers for financing and disburse auto loans within 48 hours through a single application process. Autochek’s in-house digital solutions have enabled the platform to partner with over 68 financial institutions, build a 1,000 strong dealer network integrated with 1,000 workshop networks in Nigeria, Ghana and Kenya.