Access Bank (Ghana) PLC has signed a Memorandum of Understanding (MOU) with Autochek, a leading automotive technology company, to offer financing to prospective customers.
This partnership, tailored to meet the personal and business mobility needs of customers, will provide swift financing for both new and pre-owned vehicles, with a particular focus on supporting small and medium-sized enterprises (SMEs) in Ghana.
It builds on Access Bank’s commitment to empowering Ghana’s SME sector, offering businesses access to essential financing that enhances their growth and operational efficiency.
The partnership signed on Monday, September 16, 2024, will make it easier for SMEs and individuals to acquire vehicles through competitive loan packages, simplified application processes, and quicker approval times.
In her remarks at the brief ceremony, Pearl Nkrumah, the Executive Director of Retail& Digital Banking, said the decision to partner with Autochek is a testament to the bank’s commitment to empowering businesses and individuals.
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“Access to finance is a significant barrier to vehicle ownership in Ghana and this partnership enables us to address that.
I am particularly excited by the fact that customers have the option to purchase either pre-owned or new vehicles. We believe this will also contribute to boosting the local economy by offering customers the opportunity to purchase locally assembled vehicles.”
The program offers flexible financing options, including competitive interest rates and tailored repayment terms, enabling individuals and especially SMEs to expand their operations by improving their logistics capacity.
Access Bank’s robust SME banking framework will provide further support, ensuring that businesses are also equipped with the tools to grow sustainably.
The Country Head of Autochek Edith Akati elaborated on the impact of the partnership, explaining “by combining Access Bank’s expertise with Autochek’s advanced technology, we are transforming the financing landscape for vehicles enable a fast-track access for both individuals and businesses.
This is especially important in Ghana’s growing economy, where young entrepreneurs and expanding businesses need mobility to thrive.”
The automotive sector in Ghana is projected to grow from an estimated $4 billion in 2020 to $11 billion by 2030, driven by foreign investments and local assembling initiatives.
Through this Vehicle Finance Program, Access Bank (Ghana)Plc and Autochek are helping to remove the barriers to vehicle ownership, allowing customers, particularly SMEs to achieve their goals and drive growth in Ghana’s economy.
