The Lagos, Nigeria-based Autochek, an automotive technology company that seeks to make car ownership more accessible and affordable across Africa, has announced the acquisition of CoinAfrique, a leading platform for classified ads in French-speaking Africa, to accelerate the penetration of its auto financing services in Senegal, Côte d’Ivoire and other French-speaking African countries.
“We are excited about the opportunity to drive the penetration of auto financing across Francophone Africa and to support the wider mission across Africa. We see many opportunities to unlock value for users across all the categories on our platform and to expand into new countries. We are looking forward to leveraging Autochek’s market-leading loans product and expertise to deliver more transformative experiences for our users,” says Matthias Papet, CEO and co-founder of CoinAfrique.
With 50 per cent of the business transacted on the CoinAfrique platform happening in the automotive category, this acquisition is expected to simplify the process for more French-speaking Africans to access financing and other value-added services for their vehicles. Autochek will be positioned to leverage CoinAfrique’s extensive database across Francophone Africa to facilitate auto financing for consumers and SMEs across this region to purchase their desired vehicles. It will also support further integration of the Pan-African automotive industry to drive shared value for consumers, manufacturers, financial institutions and other stakeholders.