Autocheck CEO Identifies Auto Finance as Growth Driver for Automotive Sector

Dike Onwuamaeze

The Chief Executive Officer at Autochek, Mr. Etop Ikpe, has identified the promotion of easier and accessible automobile financing options as an effective strategy of enhancing the growth of the automotive sector in Nigeria and the rest of Afriica.

Ikpe made the statement last week while speaking on “Future of Automotive Financing and Opportunities for the Continent,” at the first ever auto finance summit in Lagos, where he proposed that a multi-layered approach to automobile financing would enable the market to reach its full potential in Nigeria instead of the current practice where various stakeholders operate in silos.

Ikpe further emphasised that financing is critical for the auto ecosystem because of its capacity to alleviate transportation challenges and impact the whole value chain including dealers, workshops, SMEs and ultimately the consumer.

He also stressed the need for consumer education on how to responsibly access credit and make the most of the financing solutions available to them, as well as other related services.

The SVP West Africa, Autochek, Mr. Mayokun Fadeyibi, highlighted that Autochek is building the infrastructure that would make car ownership more accessible and affordable to more Africans, and said that this event has brought together key stakeholders to engage in the necessary conversations to drive growth and opportunities across Africa’s automotive sector.