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Tuesday, September 6, 2022

Autochek expands into North Africa with acquisition of Morocco’s KIFAL Auto – Businessamlive

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BY ROSEMARY IWUALA

Autochek is constant its African footprints growth into North Africa with the acquisition of Morocco’s main automotive expertise startup, KIFAL Auto.

Autochek, an automotive expertise improvement firm which makes automotive possession extra accessible and reasonably priced throughout Africa, disclosed the event in a press release made accessible to Businessamlive.com.

In keeping with the corporate, the acquisition represents the primary main growth of a West Africa-based startup into North Africa and it’ll facilitate efficient pan-African collaboration to drive innovation throughout the continent’s rising automotive market.

Etop Ikpe, co-founder and chief govt officer of Autochek

The acquisition will place Autocheck to faucet into the innovation that helps Morocco’s thriving automotive ecosystem, introduce its market-leading options to ease numerous challenges throughout the worth chain and additional combine the pan-African automotive trade to drive shared worth for customers, producers, monetary and different stakeholders.

Autochek is constructing the monetary infrastructure to drive the penetration of auto financing throughout Africa, powered by a knowledge analytics engine that makes it simpler for monetary establishments to supply credit score to customers.

It has current operations throughout Nigeria, Ghana, Ivory Coast, Kenya and Uganda, a partner-led retail operation in over 1,500 supplier and workshop areas and greater than 70 banking establishments, together with Entry Financial institution, Ecobank, United Financial institution for Africa (UBA), Financial institution of Africa and NCBA Financial institution.

KIFAL Auto was based by Nizar Abdallaoui in 2019 in Morocco and it supplies a seamless course of for purchasing and promoting used automobiles and enabling entry to financing, warranties, insurance coverage and different value-added companies. The startup was the primary to be accepted into the inaugural cohort of the CDG Invests 212 Founders accelerator programme, which funds and helps world-class startups linked to Morocco and Africa.

Morocco is thought to be one of the developed automotive markets in Africa, with greater than 180,000 new automobiles and round 560,000 used automobiles bought yearly. On account of numerous coverage developments and investments in infrastructure, Morocco’s automotive sector is about to develop an additional $14 billion over the following 5 years.

The nation is residence to an revolutionary expertise pub, powered by a thriving startup ecosystem that delivers a variety of options to assist the automotive trade. KIFAL Auto is patronised by people and organisations in Morocco looking for to purchase and promote automobiles, with its providing of clear, safe and cost-effective processes.

Etop Ikpe, co-founder and chief govt officer of Autochek, commenting on the acquisition stated, “From my first interplay with Nizar and his group at KIFAL Auto, I used to be so impressed by their ardour for delivering efficient options and their dedication to innovation. They’ve constructed a superb platform and we’re thrilled to have them onboard at Autochek to assist the work we’re doing to enhance the automotive finance worth proposition in Africa. There are such a lot of parallels in our particular person tales and I look ahead to an extended and mutually helpful relationship for years to come back.”

Nizar Abdallaoui Maane, founder and chief govt officer of KIFAL Auto, additionally stated, “I’ve lengthy been an admirer of the work Autochek has executed to allow improved experiences throughout Africa’s automotive worth chain. There’s a lot we are able to study from one another and I’m wanting ahead to bringing my expertise and experience to ship extra game-changing innovation in Morocco and past. In our trade and particularly in an African context, it makes quite a lot of sense to proceed rising with a big participant. Morocco is a gateway into North Africa and I’m assured that we are able to unlock new worth and drive additional transformation throughout the board.”

Youssef Mamou, Program Director at 212Founders stated, “KIFAL Auto is a superb instance of the actual change that innovation and a deal with worth creation is driving throughout Africa right now. Nizar and his group have proven quite a lot of ardour, imaginative and prescient and entrepreneurial spirit to drive the success the corporate has seen thus far and we’re assured that this success will proceed as they be a part of the Autochek household.”

In the meantime, Nizar and the KIFAL Auto group will be a part of Autochek and proceed to discover new alternatives to ship options to drive constructive change within the automotive trade in Morocco and past.

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