Africa Automotive March-April digital issue 2023

March-April issue l 2023
News
Autochek acquires a majority stake in Egypt’s AutoTager to
strengthen Pan-African footprint
Autochek acquires a majority stake in Egypt’s AutoTager |image: courtesy
Autochek, the automotive
technology company
making car ownership more
accessible and affordable
across Africa, has announced the
acquisition of a majority stake in
AutoTager, an Egyptian automotive
technology company that makes
WesBank, one of South
Africa’s biggest banks,
says the transition to
New Energy Vehicles
(NEVs) will go beyond replacing
internal combustion engines (ICE)
with new technologies but will also
be crucial to reaching the global
goal of carbon neutrality by 2050.
it easier to find and buy cars, to
deepen its presence in North Africa
and support the company’s ongoing
growth.
AutoTager is a venture backed
startup that is removing the
friction from the car buying and
selling process in Egypt, enabling
WesBank commits to electric vehicles
easier access to vetted vehicles
and financing for consumers, and
connecting dealers with serious
buyers and technology solutions
to improve their operations. The
company was founded in 2021 by
Amr Rezk, a serial entrepreneur
that has founded and co-founded
multiple successful companies,
including Fundseer, a leading
private equity GP/LP coordination
platform. Amr has deep experience
operating in and investing in various
geographies across Africa and the
Middle East, with a track record of
building and sustaining high growth
enterprises. Prior to becoming an
entrepreneur, Amr worked with
several large institutions including
Goldman Sachs, EFG-Hermes and the
Qatar Investment Authority where he
led the Private Equity and Venture
Capital Funds Investments Team. He
has an academic background as an
economist and holds an MBA from
Harvard Business School.
WesBank, RMB and FNB, all divisions
of FirstRand, hosted a thought
leadership roundtable with industry
experts and key government
policymakers to address the key
challenges facing the transition to
NEVs. Although he did not attend
the conference, Minister of Trade,
Industry, and Competition Ebrahim
Patel announced that his department
will finalise its EV strategy for the
country by the end of the current
financial year, which ends in March
2024.
“RMB encourages public-private
Image courtesy for illustration purpose
collaboration to enable the
transition to NEVs and, in so doing,
to positively impact on the future of
South Africa’s automotive industry,”
said Nana Phiri, Head of Corporate
Client Segment RMB.
“We are encouraged by the
government’s willingness to
promulgate regulation and create
a framework within which our
domestic, export-led automotive
sector can secure investment and
ensure the continued viability of the
automotive sector in South Africa.”
“RMB is committed to funding
sustainable projects that will fuel
the NEV supply chain and enable
reliable and efficient national
infrastructure to support South
Africa’s NEV footprint.”
WesBank CEO Ghana Msibi said that
the company acknowledged that the
shift towards decarbonisation was
not solely linked to vehicle finance
or finance in general.
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