Automotive technology

Automotive tech startup, Autochek, acquires Morocco’s KIFAL Auto to boost expansion in North Africa

Automatic controlthe automotive technology company that makes car ownership more accessible and affordable across Africa, has announced the acquisition of KIFAL-Auto, the first automotive technology start-up in Morocco, to accelerate its expansion in North Africa. This acquisition represents the first major expansion of a West African-based startup into North Africa and will facilitate effective pan-African collaboration to drive innovation in the continent’s growing automotive market.

KIFAL Auto was founded by Nizar Abdallaoui Maane (Essec Paris graduate and former BNP Paribas consultant) in 2019 to transform the automotive experience in Morocco by offering a transparent process for buying and selling used cars, and providing access to finance, warranties, insurance and other value-added services. The startup was the first to be accepted into the inaugural cohort of CDG Invest’s 212 Founders acceleration program, which aims to fund and support world-class startups tied to Morocco and Africa.

Etop Ikpe, CEO, Autochek Africa and Nizar Abdallaoui Maane, Founder/CEO, KIFAL Auto

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 each year. As a result of various policy developments and infrastructure investments, Morocco’s automotive sector is expected to grow by an additional $14 billion over the next five years. The country is home to an innovative tech hub, powered by a thriving startup ecosystem that offers a wide range of solutions to support the automotive industry. Over the years, KIFAL Auto has established itself as a trusted partner for individuals and organizations in Morocco looking to buy and sell used cars, thanks to its transparent, secure and cost-effective processes.

With this acquisition, Autochek is in a unique position to harness the innovation that underpins Morocco’s thriving automotive ecosystem, showcase its market-leading solutions to address various challenges across the value chain, and further integrate the pan-African automotive industry to create shared value for consumers. , manufacturers, financial institutions and other stakeholders. Autochek is building the financial infrastructure to drive automotive finance penetration across Africa, powered by a data analytics engine that makes it easier for financial institutions to offer credit to consumers. It has existing operations across West and East Africa (Nigeria, Ghana, Ivory Coast, Kenya and Uganda), a partner-led retail footprint in over 1,500 dealerships and workshops, and more than 70 banking partners, including Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank.

Commenting on the acquisition, Etop Ikpe, CEO and Co-Founder of Autochek, said, “From my first interaction with Nizar and his team at KIFAL Auto, I was so impressed with their passion for delivering effective solutions and their commitment to innovation. They have built a great platform and we are delighted to have them on board Autochek to support the work we are doing to improve the value proposition of auto finance in Africa. There are so many parallels in our individual histories and I look forward to a long and mutually beneficial relationship for years to come.

Nizar Abdallaoui Maane, CEO and Founder of KIFAL Auto, said, “I have long been an admirer of the work done by Autochek to enable improved experiences in the African automotive value chain. There is so much we can learn from each other and I look forward to contributing my experience and expertise to deliver more game-changing innovations in Morocco and beyond. In our industry and especially in an African context, it makes perfect sense to continue to grow with a big player. Morocco is a gateway to North Africa and I am convinced that we can unlock new value and accelerate transformation at all levels”.

Yassine Haddaoui, Director of CDG Invest, said: “KIFAL Auto is a great example of the real change that innovation and a focus on value creation are driving across Africa today. Nizar and his team have shown a great deal of passion, vision and entrepreneurial spirit to drive the success the company has enjoyed to date and we are confident that this success will continue as they will join the Autochek family.

Nizar and the KIFAL Auto team will join Autochek and continue to explore new opportunities to provide solutions to drive positive change in the automotive industry in Morocco and beyond.