Autochek Acquires Morocco’s KIFAL Auto to Drive North Africa expansion

Autochek, an automotive technology company that makes car ownership more affordable and accessible in Africa, announced the acquisition KIFAL Auto, Morocco’s leading automotive technology startup, to drive its expansion into North Africa.

This acquisition represents the first major expansion of a West Africa-based startup into North Africa and it will facilitate effective Pan-African collaboration to drive innovation across the continent’s growing automotive market.

KIFAL Auto was created by Nizar Abdulallaoui Maane, an Essec Paris graduate who is also a former BNP Paribas consultant. It was established in 2019 to improve the automotive experience in Morocco.

The startup was the first to be accepted into the inaugural cohort of CDG Invest’s 212 Founders accelerator programme, which aims to fund and support world-class startups linked to Morocco and Africa.

Morocco is one the most developed African automotive markets, selling more than 180,000 cars annually and 560,000 used cars each year.

As a result of various policy developments and investments in infrastructure, Morocco’s automotive sector is set to grow a further $14 billion over the next five years.

The country is home a technology hub powered by a thriving startup community that provides a wide range solutions to support the auto industry.

KIFAL Auto has proven to be a trusted partner for Moroccan individuals and businesses looking to sell or buy used cars. The company’s transparent, safe, and affordable processes make it an ideal choice.

With this acquisition, Autochek is uniquely positioned to tap into the innovation that underpins Morocco’s thriving automotive ecosystem, introduce its market leading solutions to alleviate various challenges across the value chain and further integrate the Pan-African automotive industry to drive shared value for consumers, manufacturers, financial institutions and other stakeholders.

Autochek, which uses a data analytics engine to help financial institutions offer credit to consumers, is building the financial infrastructure necessary to increase the penetration of auto finance in Africa.

It operates in West and East Africa (Nigeria and Ghana, Ivory Coast and Kenya), and has a partner-led retail footprint at over 1,500 dealers and workshops locations. There are also more than 70 banking partners, including Ecobank, Access Bank, Bank of Africa, NCBA Bank and UBA Bank.

Commenting on the acquisition Etop Ikpe, CEO and co-founder of Autochek said, “from my first interaction with Nizar and his team at KIFAL Auto, I was so impressed by their passion for delivering effective solutions and their commitment to innovation. They have built a great platform and we are happy to have them aboard at Autochek. We are working to improve Africa’s automotive finance value proposition. There are so many parallels in our individual stories and I look forward to a long and mutually beneficial relationship for years to come.”

Nizar Abdallaoui Maane, CEO and Founder of KIFAL Auto, said “I have long been an admirer of the work Autochek has done to enable improved experiences across Africa’s automotive value chain. There’s so much we can all learn from each other, and I’m looking forward to sharing my expertise and bringing more game-changing innovation to Morocco and elsewhere. It is a good idea to keep growing with a large company in our Industry, especially in Africa. Morocco is a gateway into North Africa and I am confident that we can unlock new value and drive further transformation across the board”.

Yassine Haddaoui, Head of CDG Invest said, “KIFAL Auto is a great example of the real change that innovation and a focus on value creation is driving across Africa today. Nizar and his team have shown a lot of passion, vision and entrepreneurial spirit to drive the success the company has seen to date and we are confident that this success will continue as they join the Autochek family.”

Nizar and KIFAL Auto’s team will join Autochek. They will continue to look for new opportunities to create positive change in Morocco’s automotive industry.

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