Thursday, June 30, 2022
Thursday, June 30, 2022
Home Startups Nigeria’s Autochek acquires Morocco’s KIFAL Auto to drive into North Africa

Nigeria’s Autochek acquires Morocco’s KIFAL Auto to drive into North Africa

by James Musoba
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 Autochek, the Nigerian auto car vertical which recently bought out Cheki Africa, has acquired KIFAL Auto, Morocco’s top car classifieds platform, to launch into Morocco and drive its expansion into North Africa.

This is Autochek’s first major expansion into North Africa in a move that is aimed at helping the West African startup enter Morocco and further expand across Africa to drive the penetration of auto financing across Africa.

According to Etop Ikpe, CEO and co-founder of Autochek, “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. There are so many parallels in our individual stories and I look forward to a long and mutually beneficial relationship for years to come.”

Founded in 2019 by Nizar Abdallaoui Maane (Essec Paris graduate and former BNP Paribas consultant) KIFAL Auto provides a seamless process for buying and selling used cars, and enabling access to financing, warranties, insurance, and other value-added services. Nizar and the KIFAL Auto team will join Autochek and continue to explore new opportunities to deliver solutions to drive positive change in the automotive industry in Morocco and beyond.

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. Over the years, KIFAL Auto has emerged as a trusted partner for individuals and organisations in Morocco seeking to buy and sell used cars, with its transparent, secure, and cost-effective processes.

KIFAL 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.  By joining Autochek, KIFAL will facilitate the startups Pan-African expansion in addition to its existing operations in Nigeria, Ghana, Ivory Coast, Kenya and Uganda and 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.

“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. “There is so much we can learn from each other and I am looking forward to bringing my experience and expertise to deliver more game-changing innovation in Morocco and beyond. 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”.

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