the automotive technology company Autochek is expanding into French-speaking Africa, with the acquisition of CoinAfrique

(Agence Ecofin) – After the acquisition in the third quarter of 2021 of two online car sales platforms, Autochek is continuing its buyout operations, but this time in French-speaking Africa with CoinAfrique.

Autochek, a Nigerian company that provides financing for the purchase of motor vehicles, proceeded this Wednesday, July 6, to the acquisition of CoinAfrique for an undisclosed amount.

This classifieds platform, present in 12 French-speaking African countries, generates at least 50% of its monthly transactions from the sale of automobiles. Through this acquisition, the Nigerian intends to accelerate the deployment of its car financing service in French-speaking Africa, more specifically in the markets where CoinAfrique operates.

The Nigerian automotive technology development company was already active in 9 countries in East, West and North Africa. It thus extends its activities to a dozen other French-speaking markets on the continent.

Following this transaction, Etop Ikpe (photo), managing director and co-founder of Autochek, said to himself “looking forward to leveraging the expertise of the founders of CoinAfrique to enhance the value proposition of auto finance across the continent.”

Long before CoinAfrique, Autochek had already acquired online car sales platforms. In September 2021, the automotive technology start-up acquired the Cheki Kenya and Cheki Uganda platforms.

With the new takeover, Autochek plans to simplify the process of buying vehicles with the provision of financing and other value-added services to individuals. CoinAfrique’s classifieds business will continue to operate with an integration of its partner’s auto finance product that will promote access to credit for auto purchases.

By targeting CoinAfrique, the Nigerian company is targeting French-speaking African markets such as Côte d’Ivoire and Senegal which are experiencing significant growth in the sale of new cars.

Chamberline Moko

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