Finance

Nigerian auto tech firm expands to Kenya, Uganda

Nigerian auto tech firm expands

Autochek has announced the signing of an agreement with ROAM Africa to acquire its Cheki Uganda and Cheki Kenya automotive marketplaces, furthering its expansion into the African market.

AutoChek is an automotive technology company established in 2012 to build digital solutions for enhancing automotive commerce on the African continent.

A statement from Autochek said the acquisition came one year after it acquired Cheki Nigeria and Ghana as part of its West Africa launch. Autochek said it would leverage Cheki’s 10 years of experience to introduce additional technology solutions that would integrate the auto ecosystem and increase market adoption for auto loan financing.

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The Founder and Chief Executive Officer of Autochek, Etop Ikpe, said the acquisition was a welcome development, given ROAM Africa’s track record of operating and scaling some of sub-Saharan Africa’s classified marketplaces.

Ikpe said, “Autochek’s mandate is to accelerate the ability of African consumers to access better quality and affordable vehicles by providing access to financing, while also derisking the auto lending process for financial institutions. “We are long-time admirers and collaborators of the Cheki brand, and following today’s news, we intend to provide even more trust and transparency in East Africa’s automotive sector, leveraging the unique networks we are now joining together.”

The CEO of ROAM Africa, Clemens Weitz, was quoted as saying, “Across the world, we see a new evolution of digital automotive platforms, requiring deep specialisation. “Specifically in Africa, we believe that Autochek is the one player with the best team and expertise to truly create a game-changing consumer experience.

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“Our Cheki team has built a unique, market-leading brand and a truly remarkable business. Most importantly I want to thank everyone in the team who contributed to this success. Now we are excited to see that taken to the next level. Whilst this is good news for everyone directly involved, the ultimate benefactor will be African car buyers and sellers.”

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