MOROCCO – Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, has announced the acquisition of Morocco’s KIFAL Auto 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.
The company will 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 is building the financial infrastructure to drive the penetration of auto financing across Africa, powered by a data analytics engine that makes it easier for financial institutions to offer credit to consumers.
It has existing operations across West and East Africa (Nigeria, Ghana, Côte d’Ivoire, Kenya, and Uganda), a partner-led retail footprint in over 1,500 dealer and workshop locations, and more than 70 banking partners including Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank.
The startup was the first to be accepted into the inaugural cohort of CDG Invest’s 212 Founders accelerator program, which aims to fund and support world-class start-ups linked to Morocco and Africa.
Commenting on the deal, 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 an excellent platform and we are thrilled to have them onboard at Autochek to support the work we are doing to improve the automotive finance value proposition in Africa.”
The deal will benefit from Morocco’s well-developed automotive markets in Africa, with more than 180,000 new cars and around 560,000 used cars sold annually.