BMCI, a Morocco-based bank has partnered with KIFAL Auto, an online marketplace to enable easier access to financing for used car purchases in Morocco. Founded in 1964, BMCI has more than 300 branches and over 500,000 personal, business, and institutional customers.
The partnership will enable Morocans to easily access the financing they need to purchase their desired used vehicles via the KIFAL Auto platform, and without needing to enter a physical bank branch.
Jaouad Azzouzi, Commercial Director at BCMI said, “We want to deliver financial services that will enable Moroccans across the country to access more of what they want and this partnership with KIFAL Auto speaks to this desire. Our collective know-how and network position us to deliver real impact for Moroccans across the country and we are delighted to be working with such an innovative company.”
Last year, the Nigerian automotive technology start-up Autochek acquired the Morocco-based KIFAL Auto to expand into the North African market.
KIFAL Auto is transforming the automotive experience in Morocco by providing a seamless process of accessing finance for vehicle purchases. Since the company was acquired by Autochek, it has adopted a new strategic approach, leveraging its parent company’s expertise and experience to deliver game-changing financing solutions for Morocco’s automotive sector.
The company is the first in Morocco to offer an entirely digital experience for vehicle financing, with the ability to complete all steps online, from simulation to credit validation and document collection. Customers simply need to find the vehicle they want to purchase, submit an application for financing, and they can access the credit they need in 48 hours if the application is approved and terms are met. Repayments can be spread over 12 to 84 months.
Various events from recent years – from a shortage of semiconductors to global supply chain disruption – have impacted the availability of new cars globally, leading to increased demand for used cars.
This increased demand has led to an increase in used car prices – with prices rising up to 36 percent higher in some cases. With KIFAL Auto, prospective car buyers in Morocco can access a wide range of financing options, including unsecured consumer credit, used car credit with a barred title, or “Murabaha” with Islamic banks to facilitate the purchase of the desired vehicles. Consumers can access credit for used vehicles that are not listed on the KIFAL Auto platform, as well as for peer-to-peer transactions, which account for over 90% of vehicle sales in Morocco.
According to Nizar Abdallaoui Maane, CEO and founder of KIFAL Auto, “Since we launched our financing product in October 2022, we have seen growing demand that confirms the need for our services given the current context. During the month of December alone, we received more than 4,000 financing requests from prospective buyers. Our partnership with BCMI, as well as our other partners, positions us to enable the opportunity to deliver a much-needed service and drive real value for our customers.