Autochek has announced the acquisition KIFAL, a Moroccan-based automotive technology company, as part of a drive to expand in North Africa.
The automotive market in Morocco is considered one of the most advanced on the continent with more than 180,000 new cars and about 560,000 used cars sold annually.
The automotive sector in Morocco is also expected to grow to $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.
Founded in 2019 by Nizar Abdallaoui, KIFAL enables access to financing, warranties, insurance, and other value-added services.
“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,” said Etop Ikpe, CEO and co-founder of Autochek.
“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.”
The acquisition allows Autochek to tap into the innovation that underpins Morocco’s thriving automotive ecosystem, introduce its solutions to alleviate various challenges across the value chain and further integrate the pan-African automotive industry to drive shared value for consumers, manufacturers, financial institutions and other stakeholders.
In a statement, Autochek said it is building the financial infrastructure to drive the penetration of auto financing across Africa, powered by a data analytics engine that makes it easier for financial institutions to offer credit to consumers.
The company operates across West and East Africa including Nigeria, Ghana, Ivory Coast, Kenya, and Uganda.
“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,” said Nizar Abdallaoui Maane, CEO and founder of KIFAL.
“In our industry and especially in an African context, it makes a lot of sense to continue growing with a large player. Moroccos is a gateway into North Africa and I am confident that we can unlock new value and drive further transformation across the board.”