Moove delivers flexible options for vehicle ownership in Africa
In Africa, owning cars is a luxury few people can afford. The African continent has the lowest per capita vehicle ownership in the world.
However, Nigerian entrepreneurs Ladi Delano and Jide Odunsi have set out to make vehicle ownership more accessible. By establishing Moove and raising $23m in funding, they plan to rapidly expand across the African continent.
Headquartered in the Netherlands, but currently operating in Lagos, Accra and Johannesburg, Moove offers a revenue-based asset financing model to mobility drivers, which includes ride-hailing drivers operating cars and buses. Although these people are only a sub-set of Africans who need access to cars, the market for “mobility entrepreneurs” in Africa is vast. Moove’s founders also say they want to help solve unemployment problems, which are prevalent, particularly in Nigeria.
Moove is Uber’s preferred car financing and vehicle supply partner in sub-Saharan Africa. The company uses an alternative credit-scoring technology, allowing loans to be underwritten. It sells new vehicles (rather than second-hand) to drivers and finances up to 95% of the purchase. Drivers can choose to pay back their loans over 24, 36 or 48 months, using a percentage of the weekly revenue generated while driving on Uber. The company has almost 13,000 pre-approved sign-ups and has grown 60% since its launch. It’s now planning and electric and hybrid fleet and to offer a payment wallet to drivers without bank accounts.
Image courtesy of Moove.