Autochek, the car marketplace has partnered with Okra, an API for fintechs and banks, to simplify the process of applying for car loans as it aims to make car loans as simple as it can be.
Okra API is connected to every bank in Nigeria and is currently in beta in Kenya and South Africa. The partnership allows Autocheck to access customer credit data and easily choose who to give a car loan or not.
According to Autocheck, “We realized that to truly simplify the process, we needed to use technology to bridge the gaps involved in the loan application process. We had to make it easier for people to apply, and for financial organizations to approve the loans, which is what led us to Okra.”
With Okra, applicants no longer need to go to the banks, fill forms, etc, and other protocols involved in getting bank statements and instead it makes financial partners decide on a loan application seamlessly and faster.
With the partnership, all the applicant needs to do is input their BVN details, which link to their bank statements from all their financial accounts to allow for easy financial decision-making.
“We are proud to say that our partnership resulted in remarkably faster loan processing times. This has sped up the process of applying for car loans by at least 5 working days,” announced Autocheck Africa.
According to Autocheck, the partnership has truly helped her achieve her goal of simplifying and speeding up the process of applying for car loans.