For entrepreneurs who own a vehicle but struggle to qualify for conventional credit, an emerging financing model uses the asset to access short-term funds without permanently selling it. AutoCapital Namibia Ltd presented the concept at the Namibia Financial Institutions Supervisory Authority’s (Namfisa’s) FinTech Square in Windhoek yesterday.

The company is targeting small, micro and medium-sized enterprises, as well as individuals seeking finance for business purposes.

AutoCapital Managing Director Vagan Ovsepyan said the idea addresses a gap between owning valuable assets and accessing credit.

“AutoCapital aims to bridge the gap in access to short-term finance for SME’s, MSME’s and business oriented individuals who own valuable assets but face conventional lending barriers,” he said.

Under the proposed funding model, financing would be available against fully owned motor vehicles, subject to valuation, verification, and compliance requirements.

The company’s draft outlines a digital platform that combines AI-assisted market research, vehicle valuation data, and customer self-service tools with physical vehicle inspections. AutoCapital intends these processes to support more consistent and transparent financing decisions.

However, the information supplied did not outline details such as borrowing costs, repayment periods, or what would happen if a customer could not repay.

The proposal is also still undergoing regulatory consideration. Ovsepyan said the company is at an advanced stage of development, and its application to Namfisa’s regulatory sandbox remains under review.

Alongside the financing concept, Chief Technology Officer Werner Alweendo outlined the application’s account security measures.

“A one-time PIN is sent to the user before they can access their information, and an additional PIN is required for key actions within the application,” Alweendo said.

He noted that each user receives a unique identifier, and alerts notify users when the system detects potentially fraudulent account activity. The application also includes educational material on safe usage and security practices.

AutoCapital’s proposal is part of the wider discussion at FinTech Square on how technology, investment, and regulation can expand access to financial services in Namibia.

The event, held at the Hilton Hotel yesterday, brought together innovators, financial institutions, investors and regulators under the theme “Innovating Under a New Dawn: Regulation, Collaboration, and Capital for Namibia’s FinTech Future”.

For AutoCapital, Ovsepyan said, the immediate objective is to present the solution and engage industry stakeholders while its sandbox application is considered.

-newsroom@nepc.com.na