Autochek, the automotive technology firm making car ownership more accessible and affordable across Africa, has announced the acquisition of KIFAL Auto, Morocco’s leading automotive technology startup, to drive its expansion into North Africa.
According to a statement, 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 founded by Nizar Abdallaoui Maane in 2019 to transform the automotive experience in Morocco by providing a seamless process for buying and selling used cars, and enabling access to financing, warranties, insurance and other value-added services.
“I have long been an admirer of the work Autochek has done to enable improved experiences across Africa’s automotive value chain,” said Nizar Abdallaoui Maane, CEO and Founder of KIFAL Auto.
“In our Industry and especially in an African context, it makes a lot of sense to continue growing with a large player. Morocco is a gateway into North Africa and I am confident that we can unlock new value and drive further transformation across the board,” he added.
Morocco is one of the most developed automotive markets in Africa, with more than 180,000 new cars and around 560,000 used cars sold annually.
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 to an innovative technology hub, powered by a thriving startup ecosystem that delivers a wide range of solutions to support the automotive industry.
With the acquisition of KIFAL Auto, Autochek will tap into the innovation that underpins Morocco’s thriving automotive ecosystem and further integrate the Pan-African automotive industry, added the statement.
Commenting on the acquisition, Etop Ikpe, CEO and co-founder of Autochek said, “From my first interaction with 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.”
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.
The company has existing operations across West and East Africa (Nigeria, Ghana, Ivory Coast, Kenya and Uganda), a partner-led retail footprint in over 1,500 dealer and workshop locations, and more than 70 banking partners.