Autochek has acquired KIFAL, a Moroccan-based automotive technology company as part of a drive to expand in North Africa. It is the first major expansion by a West Africa-based startup into the region and it is expected to boost collaboration between the regions in order to drive innovation in the automotive market on the continent.
The automotive market in Morocco is considered one of the most developed 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.
KIFAL services individuals and organisations in Morocco seeking to buy and sell used cars through secure and cost-effective processes. Founded in 2019 by Nizar Abdallaoui, KIFAL also enables access to financing, 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 accelerator programme, which aims to fund and support world-class startups linked to Morocco and Africa.
“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.”
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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. It also has a partner-led retail footprint in over 1500 dealer and workshop locations, and more than 70 banking partners including Access Bank, Ecobank, UBA, Bank of Africa, and NCBA Bank.
“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.”
