This acquisition comes months after Autochek bought the car sales platform CoinAfrique, in Q3-2022.  

Nigerian car financing provider Autochek announced, Monday, the acquisition of majority shareholding in Egyptian car dealer AutoTager.

According to the company's statement, the acquisition aims to strengthen Autochek's presence in North Africa and support the company's continued growth.

Commenting on the transaction, Olajide Adamolekun, group CFO and co-founder of Autochek said: “Amr’s -ed. note: Amr Rezk founder of AutoTager- background and track record are as impressive as it gets and I am delighted to have him on board. His experience will be invaluable as we enter the Egyptian market and continue on our mission to improve the automotive finance value proposition on the continent and catalyze more growth across the automotive ecosystem.” 

Autochek launched the acquisition of automotive platforms a while ago. In July 2022, the car financing company acquired CoinAfrique. In September 2021, it acquired Cheki Kenya and Cheki Uganda.

With this majority shareholding acquisition, the company now has a presence in nine countries in East Africa, West Africa, and North Africa, with more than 2,000 partner-run dealerships and workshops, according to its release. 

By targeting AutoTanger, Autochek is aiming at North African markets, mainly Egypt - which is the third largest economy in Africa according to the African Development Bank (AfDB), and the third largest automotive market on the continent (according to 2021 data from the International Organization of Motor Vehicle Manufacturers-OICA).

Samira Njoya