In a quest to expand operations across Africa, Moove, an African mobility fintech, has opened its first office in East Africa and its sixth on the continent in Nairobi, Kenya
This move followed a partnership with Uber that allowed ride-hailing and delivery drivers to acquire motorbikes for Uber Connect, UberEats deliveries, and UberBoda journeys in order to increase their vehicle and product offerings to clients.
The company also partnered with Kenyan fulfilment and last-mile logistics startup Sendy, after its recent cooperation with pan-African e-logistics platform Lori Systems.
According to the company, its entry into the East African market moves the company closer to its aim of democratizing car ownership in Africa by offering revenue-based vehicle finance.
With lending prices in Kenya nearly doubling those in South Africa, the affordability of credit finance has remained a challenge for businesses, particularly those without a credit history.
Moove intends to take advantage of this market opportunity to enable drivers to access brand new vehicles using its alternative credit-scoring system, resulting in more decent work possibilities in the mobility business.
Affordable asset-backed vehicle finance
Co-founded in 2019 by Ladi Delano and Jide Odunsi, Moove provides asset-backed vehicle finance through the integration of its alternative credit-scoring system into ride-hailing and e-logistics platforms.
According to the company, customers may get loans by purchasing new automobiles and financing up to 95% of the purchase price within five days of signing up.
Customers may repay their loans over a period of 12, 36, 48, or 60 months by paying a portion of their weekly income using the Moove app, which keeps track of all transactions and gives them access to other financial products on the platform.
Moove-financed automobiles have completed over 1.6 million rides and driven over 20 million kilometers across its markets so far.
The company, which just recently launched its first two-wheeler bike product, Moove Xpress, in Lagos, empowers drivers by offering vehicle financing solutions, which give them the flexibility to increase their earnings and productivity.
Speaking on the move to the East African country, Ladi Delano, Co-Founder and CEO of Moove, agrees that Kenya already has a booming mobility and entrepreneurial economy, which makes it easier for the company to tap into and roll out our financing solutions.
“As one of the biggest economies in Africa, our move into Kenya serves as a gateway to other East African markets. We are excited to continue our expansion, having achieved over 50%+ MoM growth since launch. ”– Ladi Delano, Co-Founder and CEO of Moove
The company believes that, amongst other things, the new expansion to Nairobi will give it an opportunity to create employment for the citizens.
“By guiding customers down the virtuous path of vehicle ownership, we are creating job and income opportunities for these mobility entrepreneurs.”
According to the company, the two-wheeler hailing business in Sub-Saharan Africa is hampered by a lack of new vehicles as well as a lack of regulation for both drivers and passengers.
Moove is expanding its footprint in East Africa in order to enhance asset ownership of brand new motorcycles while maintaining regulatory compliance in the industry, ultimately generating money through ride-hailing and delivery applications.
Speaking of the launch in Kenya, Chief Operations Officer, Tayo Oyegunle, states, “The team and I are proud to be bringing financial inclusion to mobility entrepreneurs in Nairobi, Kenya.
“We’re offering flexible employment through revenue-based financing, thus empowering drivers and driving growth in Africa’s mobility industry. This is underlined by our commitment to ensure that 50% of our customers are female. The Uber, Sendy, and Lori System partnerships will also allow us to enter the market with a substantial range of products and services for mobility entrepreneurs to take advantage of by moving people, goods, and services.”,
In August, Moove raised $23 million with the aim of simplifying vehicle ownership across Africa. Following the raise, the company has now launched in two other African countries; South Africa and Kenya. It will be interesting to see where the journey leads next.
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