Featured on the cover of the upcoming Reflets Mag, Nizar Abdallaoui Maane (E13) narrates his career from the creation of the nugget Kifal Auto, which he successfully sold on, to the helm of the Moroccan Sovereign Fund and the presidency of ESSEC Alumni’s Morocco Chapter. Here’s a free extract of the article. If you’d like to read the next editions, sign up now! 

Reflets Magazine: What path led you to entering ESSEC in 2009?

Nizar Abdallaoui Maane: I was born in Fes, into a family where education played a central role. There was no French high school in my city, so my parents decided to send me to boarding school at Lycée Paul-Valéry in Meknes when I was 15 years old. That’s where I learnt to live away from my family, to fend for myself and grow. I’ve always been interested in mathematics, history and geopolitics, as well as economics and understanding the world. After high school I was admitted to a preparatory course in Paris. Being far from home was nothing new, but I had to adapt to a whole new environment. During this demanding period, I discovered ESSEC, an excellent school which offered everyone the possibility to forge their own path; there was no mould to fit into. I entered the school in 2009 and graduated in 2013, although the official graduation ceremony was held in 2014, so I could retain my residence permit an extra year and avoid the consequences of the Guéant circular which had impacted many foreign students at that time.

RM: What was your goal when you joined ESSEC?

N. Abdallaoui Maane: I wanted a serious education, without compromising my sense of curiosity. ESSEC provided me with a unique framework and great freedom to shape my career path. There was a genuine porosity between disciplines and steadfast encouragement to take the initiative. We could set up a project, set off on a humanitarian mission, do a work-study program, or study abroad. This school empowers you rapidly. What’s more, before entering ESSEC, I had imagined a career which was quite different to what I’ve done up to now, and I think the School played a key role in putting me on paths which are more in keeping with my personality.

For example, my initial first-year work placement was with a postal sorting office. I spent my days collecting and sorting post...It wasn’t very glamorous, but it taught me humility, respect for the field, and above all, the knowledge to be gained from adopting a 360° view of operations.

There was also the alumni network factor. At the beginning, I saw it as a sort of abstract promise, a list of role models I identified with, but over the years, it also became a real source of support and a generous community I can always rely on.

For me, ESSEC is a place where I learnt to test different things. I could choose new subjects for every term, take on a new rhythm and explore my path to success a little more. It’s an ecosystem which motivates you to act, build and make an impact. That motivation has stayed with me.

RM: What have you done since leaving ESSEC?

N. Abdallaoui Maane: I began my career with Altai Consulting, a firm which specialises in emerging markets. That’s where I learnt to work in unstable environments, with complex issues such as adapting to various cultures, managing uncertainties, rebuilding in a post-war context, and especially rethinking the fundamentals. Then I entered the tech world with IBM, at a time when the digital transformation of banks was barely beginning. Back in 2012, we were in the early stages of artificial intelligence with Watson and what we called big data. But it was at BNP Paribas Consulting, with the internal office of the eponymous group, where I learnt to consolidate my strategic skills, with bank transformation tasks in Europe and Latin America.

In 2019, I felt the call of my roots. I wanted to create something useful and innovative in Morocco. That’s how Kifal Auto came into being. The used car market was huge, with more than 600,000 transactions annually, but was totally informal, without any structure or finance solutions. With Kifal, we built the first used vehicle marketplace with an integrated financing offer. It represented above all a trustworthy third party, capable of securing transactions and making loans accessible. We introduced used car financing to Morocco, in partnership with banks. In 2022, a Nigerian start-up, Autochek, bought the company to get a foothold in French-speaking Africa. I stayed on for 2 years to steer expansion in Senegal and the Ivory Coast, and ensure smooth transition for my successor in Morocco. I then joined the Mohammed VI Fund as Investment Director in charge of the fund of funds team.

RM: How did you come up with the idea of Kifal Auto?

N. Abdallaoui Maane: It all began with a stark realisation. More than 80% of new cars are sold with a finance plan, compared to 0% for used vehicles, and yet both markets have the same weight (around €5 billion each). As I toured the informal dealers, I discovered the scale of the challenge and the reason behind this absurdity. People were buying cars without guarantees, recourse or financing. When we talked to customers, they expressed the desire to see a more structured offer, and the banker working with me understood that finance companies needed a trustworthy third party in order to roll out their offers. It became very obvious to me that either I could do it, or someone else would seize the opportunity after me. So I decided to launch Kifal, an integrated player in vehicle transactions, offering expertise, operational management and finance offers.

We started small, with my personal savings. I began training in order to fill the tech and mechanics gaps in my skills; I created a page on social networks, hired an agent, and the company was up and running within three months. The market was quick to spot our unique value proposition, and word-of-mouth did the rest. Since then, we have inspired many other entrepreneurs and large groups to address this segment, and the market is now completely different.

RM: Can you describe the entrepreneurial ecosystem in Morocco?

N. Abdallaoui Maane: The ecosystem has scaled up. It’s seen a major change in recent years. In 2019, capital raisings for start-ups in Morocco were virtually non-existent. Raising €1 million was a feat, and Moroccan start-ups had raised a combined total of just €7 million. This amount grew tenfold in 2024.

Thanks to the drive of the Mohammed VI Fund, the game is changing completely in 2025. For private equity, almost €2 billion were raised by Moroccan funds, which represents more than the total raised over the previous 15 years. Venture capital is just as active; with the funds currently being raised and the acceleration in local momentum, we can anticipate a few hundred million euros in available funding for Moroccan start-ups.

Furthermore, we’re seeing a genuine professionalisation of the sector, thanks in particular to schemes such as 212 Founders, the rise in the Mohammed VI Fund for Investment, business angel networks, regional incubators, and the Ministry for Digital Transition’s venture-building initiative.

There is also a generation of entrepreneurs who no longer limit themselves to imitating foreign models, but invent local, adapted and exportable solutions. The State acts as a catalyst, but change also comes from the ground. Entrepreneurship was once looked down on, compared to careers in major groups; today it has become an excellence path. And we can safely say that finding capital to fund a feasible project is no longer a challenge in Morocco.

RM: Are there still hurdles to developing a business?

N. Abdallaoui Maane: Yes, of course, and that’s a good thing; it means there is still potential. I believe the main hurdle is the regulatory mismatch. While more than half of investments in start-ups in Africa and the Middle East are rolled out by Fintechs, for instance, we play it by ear in Morocco. There is no sandbox, no clear status for neo-banks, and no framework for BNPL or open banking. This slows innovation down. The good news was the creation of the Morocco Fintech Center in 2025, on the initiative of regulators and the main institutions concerned by the matter; now entrepreneurs are waiting impatiently to see concrete changes. The vehicle-for-hire market is another example; we are among the rare countries lacking a regulatory framework. There are probably more examples in sectors I’m less familiar with. Generally speaking, there is a real need for institutional agility and regulatory proactiveness to support the local ecosystem.

The other hurdle is access to tech talent. Tech profiles are rare and highly sought-after by foreign or major Moroccan companies. Unfortunately, young start-ups do not always have the means to compete, so we must continue training talents to fill that gap between supply and national or international demand.

RM: What are Morocco’s assets and challenges?

N. Abdallaoui Maane: The main challenge at present is to create more bridges between traditional structures and innovation agility. The time required for government and major groups to adapt to start-up and SME dynamics must be reduced. We’re seeing an acceleration of transformations, whether geopolitical, economic or technological...I believe we are about to enter a period of short cycles requiring increasing agility.

But Morocco has vast assets. Under His Majesty’ initiative, the country has been undergoing profound social and economic change for more than 20 years. We now avail of a stable sociopolitical context, solid macroeconomic foundations and modern infrastructures, which are essential elements for Morocco’s prosperity.

Our geographical location, just 15 km from Europe, at the intersection of Africa, the Middle East and the West, is a strategic asset. Morocco is naturally open to the world, and this can be seen in various ways, such as the number of free trade agreements, our leading position as an African tourist destination, and the fact that one Moroccan in ten lives abroad. We are a deeply multicultural people, nurtured by Berber, Arabic, African and European influences, and we have managed to preserve peaceful cohabitation, regardless of our origins or beliefs, and in all circumstances.

Lastly, the hosting of CAN 2025 and the FIFA World Cup in 2030 represents a unique opportunity to boost the development of our infrastructures and strengthen our influence. These world events are also a showcase for the best Morocco has to offer; its youth, creativity and hospitality, and should attract more talent, tourists and investment.

RM: You have headed the ESSEC Alumni Morocco Chapter for 18 months. What are your commitments?

N. Abdallaoui Maane: [Article continues in Reflets Magazine #158] 

Interview by François de Guillebon, Chief Editor at Reflets Magazine

Translation of an excerpt of an article published in Reflets Magazine #158.  Get the next issues  (in French).

Picture: © Bakir.co