Meet Shekel Mobility, the fintech powering car dealerships in Africa.
Small automobile dealerships litter the roads from Berger to Ajah in the city of Lagos and other major cities in Nigeria and Africa. Compared to its population of over a billion, the continent has a rather poor automotive industry. “The motorization rate on the continent is only 44 vehicles per 1,000 inhabitants. This is far below the global average of 180 vehicles per 1,000 inhabitants”. A huge number of the cars on the market are resold second-hand automobiles, sold by unstructured car dealers without a fleet of cars or even a car lot. Think of how many times you’ve seen a WhatsApp or Facebook ad selling a used car. These automobile dealers are small independent dealers and small businesses make up a large percentage of businesses worldwide, with sub-Saharan Africa alone having 44 million micro, small and medium enterprises These numbers mean that a large portion of the African economy is held up by small businesses and for these businesses to thrive, they need financing.
Read the full article: techcabal.com