Autochek, the African automotive technology firm that makes automobile ownership more accessible and inexpensive, has recently acquired Kifal Auto, Morocco’s largest automotive technology startup. The Nigerian’s goal is to promote its expansion in North Africa.
The purchase that marks the first significant expansion of a West African company into North Africa, laying the groundwork for an ideal pan-African collaboration to spur innovation in the continent’s booming automotive market.
For the record, Nizar Abdallaoui Maane founded Kifal Auto in 2019 with the goal of transforming the experience of buying/selling used cars in Morocco by providing a transparent process throughout the transaction, allowing access to financing, mechanical breakdown warranty, insurance subscription, and other value-added services.
Read also Autocheck Africa Launches Car Loan Marketplace
Because of these innovations, the Moroccan operator became the first startup to be approved into the inaugural cohort of CDG Invest’s “212 Founders” support program, which aims to finance and promote creative enterprises with international ambitions in Morocco.
Kifal Auto has built a reputation as a reliable partner for Moroccan individuals and businesses looking to buy or sell used cars.
Morocco is a critical market for Autochek and one of the most mature in Africa, with over 180,000 new automobiles and 560,000 used cars sold each year.
Because of different political developments and infrastructure improvements, the Moroccan automotive sector is predicted to grow steadily over the next five years, reaching almost $14 billion.
Read also Mobility 54 Backs Nigerian Digital Insurance Startup ETAP In $1.5m Pre-seed Round
Furthermore, Autochek envisions Morocco as an innovative technology hub, powered by a thriving startup ecosystem that will benefit the automotive industry in the next years.
Autochek will be in a unique position to capitalize on the full potential of Morocco’s dynamic used automobile industry as a result of this acquisition. Many solutions will be deployed to address the many difficulties of the value chain and to further integrate the pan-African automobile sector in order to offer a compelling proposition for all players: customers, manufacturers, financial institutions, and other stakeholders.
Indeed, Autochek is known across the continent as a first-choice partner for facilitating access to finance for used automobiles in Africa, thanks in part to technology and artificial intelligence for data analysis, which allows financial institutions to offer credit to consumers more easily.
Autochek will cover a third region of Africa thanks to Kifal Auto, as it is already present in West and East Africa (Nigeria, Ghana, Ivory Coast, Kenya, and Uganda), where it has over 1,500 dealerships and garages and more than 70 partner banks, including Access Bank, Ecobank, UBA, Bank of Africa, and NCBA Bank.
Read also How Bankingly is providing Solutions to Transform Africa’s Fintech Industry
“From my first interaction with Nizar and his team, I was impressed by their passion, their commitment and the work they accomplished in such a short time to provide effective and innovative solutions,” Etop Ikpe, the CEO and co-founder of Autochek said: “They have developed an excellent platform and we are delighted to have them on board Autochek to strengthen the work we are doing to improve access to automotive finance in Africa. Moreover, there are many parallels in our individual stories, it is the beginning of a long relationship which will be mutually beneficial for us for years to come.”
“I have long admired the work done by Autochek to improve the value chain of buying/selling used cars in Africa. We have so much to learn from each other and I look forward to using my experience and expertise to bring more innovation to Morocco and elsewhere,” added Nizar Abdallaoui Maane, the CEO and founder of Kifal Auto. “In our sector, and especially in an African context, it is key to develop by consolidating with a major player. In addition, Morocco is a gateway to North Africa and I am convinced that we will create even more.’’
Autochek Kifal North Africa Autochek Kifal North Africa
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh