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Autochek Begins Loan Services for Brand New Cars, Trucks
By Modupe Gbadeyanka
As part of its efforts to deepen mobility, the leading auto tech platform, Autochek Africa, has launched a loan services platform to allow users to get the credit facility to acquire brand new vehicles.
A statement issued by the firm said users can access the loans for the purchase of the new cars and trucks through a dedicated brand new cars section on the Autochek website and mobile app.
It was stated that through this digital financing package, customers can make repayments in 60 months at the lowest interest rates in the market from regional partners such as Ecobank and NCBA with a zero per cent equity loan product and Access Bank and Stanbic KE with unique financing solutions tailored specially for brand new vehicles with up to 90 per cent financing.
On the Autochek auto loan services platform, customers in East and West Africa can access a variety of financing options to purchase new cars and trucks from reputable manufacturers.
So far, the platform has on-boarded a network of financing partners and over 30 vehicle brands from OEMs, including key regional players like Inchape (LandRover) and CMC (Ford and Eicher Trucks) in East Africa and Dana (Kia), Coscharis (BMW, Landrover), Globe (Mercedes Benz), Elizade (Toyota) in West Africa.
Autochek is also working closely with indigenous manufacturers such as Innosson Motors and Nord Motors.
As part of the investment by Mobility54, Autochek has also partnered with CFAO (Toyota, Suzuki, Mitsubishi) across Africa to facilitate auto financing for all CFAO brands.
“We are excited to partner with financiers and the automotive industry to provide this facility. It is in response to customer feedback to democratise the purchase of brand-new cars through great and affordable financing options.
“It is complemented by Autochek Africa’s residual value analysis tool that can guide financial partners on the condition of the vehicle over time,” Autochek Africa’s COO, Timi Tope Ologunoye said.
The Autochek auto loan services platform offers a variety of financing options from over 70 banks, with attractive terms that include a 15 per cent interest rate and is repayable for a period of between four and five years. The loans are also processed within 24 hours.
Timi added that financing for new cars is part of the company’s vision to unlock a new frontier of automotive fintech and cement its position as the most innovative auto loan platform in the region.
Whereas customers are assured of a good deal for brand new cars and attractive interest rates, distributors also get pre-approved prospective buyers.
According to research, the African automotive estimated market size is currently valued at $90 billion in 2020, and this is expected to grow by 30 per cent largely driven by an increase in financing penetration at 10 per cent year-on-year.
Due to the impact of COVID last year, there was a decline in overall sales of new cars due to restrictions on production but is fast regaining momentum as economic activities resume.
Autochek’s SVP West Africa, Dr Mayokun Fadeyibi said: “We are on a mission to accelerate motorization across Africa by providing financing for brand new and used imports for our customers.”
With shifting consumer demands, the Autochek platform is building on partnerships opportunities with automotive manufacturers and financiers, to innovatively provide a more agile, tech-led approach to deliver options.
The company plans to extend its brand-new automobile portfolio through multiple carrier partners within the Autochek platform by the end of the year, with the goal of launching over 300 new cars listed across all markets.
The Autochek mobile app is currently available on Android and is due to be launched soon on iOS.
By Modupe Gbadeyanka
A bill aimed at prohibiting hawking, trading or preaching inside commercial vehicles in Nigeria has been passed by the Senate.
The bill known as the Federal Road Safety Corps (Amendment) Bill, 2026, imposes fines between N50,000 and N100,000 for violations if assented to by the President.
The piece of legislation was passed by the red chamber of the National Assembly on Thursday and should later be transmitted to President Bola Tinubu for assent.
Members of the upper chamber of the parliament explained that the law was amended to discourage distractions in commercial vehicles and improve the safety of commuters.
In addition, motorists who fail to cooperate with officials of the Federal Road Safety Corps (FRSC) during roadside breath tests conducted on reasonable suspicion are liable to fines or imprisonment or both.
Lawmakers noted that this was to improve compliance with road safety regulations and reduce road crashes, as fines for driving under the influence of alcohol or intoxicating drugs were raised to N100,000 from N5,000, with the risk of spending two years behind bars.
It was also proposed that disobedience to traffic lights, road signs, pavement markings and other traffic control devices will now attract N100,000, while the fine for speed limit violations is now N100,000, with reckless driving now a fine of N100,000 or two years’ imprisonment.
By Dipo Olowookere
Residents and motorists plying the Aina Obembe Road in Baruwa, Ipaja, Lagos, may soon heave a sigh of relief as the excruciating traffic gridlock being experienced in the area both day and night may soon be a thing of the past.
This is because the chairman of Ayobo-Ipaja LCDA, Mr Lukmon Agbaje, has directed those involved in indiscriminate truck parking along the road to remove the heavy-duty vehicles within one week, threatening to invoke appropriate enforcement measures for noncompliance with this directive.
Speaking during a meeting on Wednesday with the management of SENA Company, which owns the affected trucks, as well as the leadership of Oluwadara CDA and other key stakeholders like the Lagos State Traffic Management Authority (LASTMA), at the council’s secretariat, Mr Agbaje frowned at the prolonged inconvenience suffered by the community, stressing that public roads must remain accessible and safe for all users.
He emphasised the need for a collaborative approach in resolving the issue without undermining legitimate business operations, noting that he’s focused on finding a lasting solution to the gridlock experienced between Oluwaga and Aina Obembe, where parked trucks have continued to obstruct traffic, disrupt business activities, and pose safety concerns for residents and motorists.
He tasked the firm and the CDA to jointly identify and implement alternative parking arrangements that would remove all trucks from the affected roads and restore the free flow of traffic.
He declared that, “The welfare of our people remains our highest priority. No individual or corporate organisation should obstruct public infrastructure or create avoidable hardship for residents. We must ensure that economic activities coexist with public safety, order, and convenience.”
The council chief reaffirmed his administration’s commitment to promoting orderly development, ensuring safe and accessible roads, improving traffic management, and creating an environment where businesses can thrive alongside the well-being of residents.
By Adedapo Adesanya
The federal government has cut import levies on new and used vehicles by as much as 10 per cent in a move aimed at reducing the cost of vehicle importation, even as it commenced the implementation of a new Green Tax surcharge.
According to an update issued by the Nigeria Customs Service (NCS) on Wednesday, the import levy on new vehicles has been reduced from 20 per cent to 10 per cent, while the levy on used vehicles has been slashed from 15 per cent to five per cent under the 2026 Fiscal Policy Measures, which took effect on July 1, 2026.
The customs said the policy is designed to ease the cost of vehicle imports while advancing the government’s environmental sustainability objectives through the newly introduced Green Tax.
The implementation also reduces the overall import duty on fully built passenger vehicles from 70 per cent to 40 per cent.
As part of the Green Tax framework, a new environmental surcharge of between two per cent and four per cent will apply to petrol-powered vehicles with engine capacities exceeding 2,000cc. However, mass transit buses, electric vehicles, and passenger cars with engines below 2,000cc are exempt from the surcharge.
Beyond the automobile sector, the fiscal measures also lower import duties on several essential goods. The duty on imported rice has been reduced from 70 per cent to 47.5 per cent, while crude palm oil now attracts a 28.75 per cent duty.
In addition, import duties on agricultural and manufacturing machinery have been completely removed to support local production, while Waste PET has been added to the export prohibition list to encourage domestic recycling.
