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    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

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    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

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    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

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    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

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    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    Why Establishing Your Brand Identity With a Bold Look is Important

    Why Establishing Your Brand Identity With a Bold Look is Important

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    eNaira Has Been Launched

    10 Distinctive Things To Note About eNaira

  • BLOCKCHAIN
    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    The BBN Token: a Shift in the World of African Reality Shows

    The BBN Token: a Shift in the World of African Reality Shows

    The Status of Real Estate Tokenization in Nigeria

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

  • FINANCE
    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

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    Flutterwave Launches New Products at Flutterwave 3.0

  • START UPS
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    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Topship Secures $2.5 Million to Boost International Shipping

    Topship Secures $2.5 Million to Boost International Shipping

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Egypt’s Mental Health Service 07 Therapy Secures $2.1 million Seed Round

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E-commerce Startup, Chari acquires Axa Credit

by Ajifa Solomon
March 3, 2022
in News
0
E-commerce Startup, Chari acquires Axa Credit
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Business 2 Business platform, Chari has acquired Axa Credit, the Moroccan credit branch of the global French Bank, Axa Assurance Maroc. The acquisition was made for $22m.

The fintech startup is one that seeks to automate the supply chain of the fragmented fast moving consumer goods sector of francophone parts of Africa. 

Just last month, the startup secured a bridge round of financing that raised it to a $100 million valuation.

Chari was founded by Sophia Alj and Ismael Belkhayat in 2020 and  is today backed by Silicon Valley’s high-profile Y Combinator.

Speaking on the acquisition, Sophia Alj, co-founder of Chari says, “They decided to give the deal to Chari because I think they believe we are the ones able to do financial inclusion.”

Ismael Belkhayat, CEO & co-founder of Chari, also says, “We realized that up to 70% of Moroccans are either unbanked or unable to prove they have monthly revenues, and neighboring small mom and pop shops are well placed to be financial access points. 

The shop owners’ know the consumption habits of their clients, where they live, when and how they get paid, and are therefore able to perform the credit risk assessment that a normal bank is unable to do.” 

Last October, Chari acquired Axa’s credit app book, Karny.ma. With this digital ledger, SMEs can record and  track business transactions securely.

On the acquisition of the ledger book,  Belkhayat stated: “The acquisition of the credit book app Karny.ma allowed us to get real figures on the volumes of loans given by the shop owners to their clients. 

We want to use these grocery stores as our credit branches and the shop owners as our branch agents to perform the KYC, define the credit limit, and secure the cash collection allowing the whole Moroccan population to benefit from financial services.”

Chari has a mobile app that allows  retailers in Morocco and Tunisia to order products from FMCGs producers and have them delivered in 24 hours.

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