The solution acts as a neobank and at the same time helps dealers manage their operations.

Shekel Mobility is a digital solution developed by a Nigerian startup to provide the tools and resources needed for emerging automotive companies to grow sustainably and optimally. It enables dealers using the solution to easily send and receive money and pay bills.

"Intending to empower businesses from around the world, Shekel provides financial services to local dealers as well as virtual dealers, enabling cross-border transactions and connections made easier by an ecosystem built with end-to-end security," the solution informs on its website.

Currently, it has no mobile app. Its services are accessible only through its website, after registration. The startup provides up to US$200,000 in unsecured loans to users who want to start selling cars.

Interest on these loans is calculated weekly and the principal is to be repaid 45 days after the cars are sold. The process can be repeated as many times as needed, allowing users to dynamize their operations and boost turnover.

Shekel currently claims 1,102 registered dealers, 3,400 cars traded and over US$19 million in transactions powered. It has been selected to participate in the 2023 Winter cohort of startup accelerator Y Combinator, which will give it access to potential investors. It also attracted a US$500,000 investment from the accelerator.

Adoni Conrad Quenum