Chief Executive Officer (CEO), Autochek Africa, Etop Ikpe, has reaffirmed that access to financing, not demand, remains the biggest barrier to vehicle ownership in Nigeria.

He said this as the company deepens its impact through a new strategic partnership with Mikano Motors.

Speaking on the state of Nigeria’s auto finance market, Ikpe described vehicle financing as a fundamental pillar of the automotive industry globally, noting that Nigeria was still in a learning and development phase compared to more mature markets.

He stressed that transparency, education and clear understanding of obligations are essential for consumers seeking automotive loans.

“Anytime you are accessing finance, underwriting standards still apply. While customers are using Autochek’s digital systems, those systems are integrated with financial institutions, meaning qualification is based on the banks’ requirements, particularly disposable income and the ability to repay,” he said.

Ikpe noted that Autochek’s platform is designed to reflect the realities of the Nigerian economy, where many individuals earn from multiple income streams.

By aggregating these income sources, he said, more customers can meet qualification thresholds, provided all declared information can be verified.

Ikpe added that loan approvals are only granted where there is clear evidence of repayment capacity, emphasising that customers must fully understand repayment schedules, documentation and contractual responsibilities.

He encouraged borrowers to carefully review agreements and engage early if financial challenges arise, noting that open discussions could help recalibrate obligations where necessary.

These principles are now being applied at scale following Autochek Africa’s partnership with Mikano Motors, which was unveiled at a press conference in Lagos.

The collaboration is aimed at fundamentally transforming how Nigerians discover, evaluate, finance, and own new vehicles.

Under the partnership, customers can now access the full Mikano Motors lineup, including brands such as Changan and Maxus, through a dedicated Mikano Motors Virtual Showroom hosted on the Autochek platform.

The digital interface allows buyers to compare models, apply for structured auto loans, explore flexible payment plans and receive faster credit decisions, completing major stages of the purchase process without visiting a physical showroom.

Reflecting on broader lessons from other markets, Ikpe reiterated that no automotive ecosystem thrives without strong financing structures.

He called for deeper collaboration between financiers, regulators, and industry players to improve affordability through longer loan tenors and enhanced vehicle registration systems that give lenders greater confidence.

According to him, when financial institutions are assured that financed vehicles are properly registered and traceable, they are more willing to extend repayment periods and reduce costs, ultimately making vehicle ownership more accessible.

Also, the Group Executive Director of Mikano Motors, Joelle Haykal, said the company’s focus was beyond selling vehicles to delivering a complete ownership experience, including extended warranties, nationwide aftersales support and decades of brand trust built around vehicles engineered for Nigerian roads.

For Autochek, he said the partnership represents a major expansion of its embedded financing infrastructure through a marquee original equipment manufacturer, extending access to multiple banking partners and faster approvals for customers nationwide.