Stanbic Provides Affordable Vehicle Finance for Local Businesses
Africa Opportunities

Stanbic Provides Affordable Vehicle Finance for Local Businesses

Kampala, September 26, 2022—Local businesses seeking to boost their field operations can now benefit from affordable vehicle financing options courtesy of a new partnership between Stanbic Bank Uganda and Autochek, a Pan-African auto-dealership company.

The offer which also extends to individual buyers enables customers of Stanbic Bank Uganda to acquire new or used vehicles of their choice, for personal or commercial use, through Autochek’s digital platform with over 50, 000 verified and high-quality vehicles.

With an inbuilt auto-loan system, the Autochek platform enables a customer to search for a vehicle of their choice and proceed to apply for financing moreover at affordable market competitive rates in partnership with Stanbic Bank Uganda.

Through the partnership, Stanbic Bank customers are to enjoy Autochek’s 360-degree solution that offers car search and acquisition financing, after-sales service as well as an opportunity to sell their Auto assets.

Powered by a data analytics engine that makes it easier for financial institutions to offer credit to consumers, Autochek is building the financial infrastructure to drive the penetration of auto financing across Africa, by offering an online marketplace for buying and selling vehicles, as well as insurance, warranties and aftersales, making it a one-stop-shop for all automotive needs.

Autochek Uganda’s Country Manager, Jacob Muddu said “At Autochek, we believe financing is critical to catalysing the automotive industry in Uganda.

With this partnership, we will empower consumers in Uganda to get more quality options for car ownership while growing the automotive ecosystem in the country.”

Stanbic Bank Uganda’s Head of Vehicle Asset Finance Ronald Ssonko said, “from our interactions with small and medium size business customers, we have learned that vehicles are not luxury but a vital part of their growing operational needs.

Especially as we see a rise in e-commerce where customers increasingly prefer home deliveries, for many of our commercial and business customers, they need vehicles to not just deliver products to customers but also drive sales, or commute from one location to another hence the need for reliable, dependable vehicles.

However, most of them struggle to find the right supplier and money to purchase a vehicle with cash. Our new partnership with Autochek answers all these needs.”