Autocheck Acquires CoinAfrique; Accelerating expansion Across Francophone Africa

Autocheck, an automotive technology company making vehicle ownership more accessible and affordable across Africa, has announced its acquisition of CoinAfrique.

CoinAfrique, a leading platform for classified advertisements in French-speaking African countries will aid Autocheck in accelerating the penetration of its auto financing services in Senegal, Cote d’Ivoire and other French-speaking African countries.

Founded in 2016, with its presence in Cote d’Ivoire, Senegal and 10 other French-speaking African countries, CoinAfrique has been enabling businesses and individuals to seamlessly buy and sell vehicles, electronics, real estate and other goods.

The CoinAfrique App has seen more than 2 million installs, 800,000 monthly active users and 60,000 new ads per month. Its website receiving more than 1.5 million visits per month.

This acquisition will simplify the process for more French-speaking Africans to access financing and other value-added services for their vehicles. CoinAfrique’s wider classifieds business with a deep integration of Autocheck’s auto financing product will drive access to credit for automotive purchases.

The acquisition will also see Autocheck 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 vehicle. This will support further integration of the Pan-African automotive industry to drive shared value for consumers, manufacturers, financial institutions and other stakeholders.

Having a partner-led retail footprint in over 1,500 dealer and workshop locations and banking partners such as Access Bank, Bank of Africa, Ecobank and others. Autocheck has existing operations in Nigeria, Ghana, Morocco, Cote d’Ivoire, Kenya and Uganda.

“CoinAfrique are joining the Autocheck family with many years of business and infrastructure development experience across Europe and Africa,” said Etop Ikpe, Autocheck CEO and co-founder. Expressing Autocheck’s anticipation on leveraging their expertise to improve the automotive finance value proposition across the continent.

“We see opportunities to unlock value for our users, aiming to expand into new countries in order to deliver more transformative experiences for our users,” remarked CoinAfrique’s CEO and co-founder, Matthias Papet.

CoinAfrique team will join Autocheck, supporting their mission of making car ownership more accessible and affordable across the continent.

Article by Sally Lizwa