Uber and Moove have raised $23 million to create lending opportunities for drivers in who want to own new cars.
Moove, an African mobility company, said it changing the Nigerian, African narrative of car ownership.
The company stated that in partnership with Uber, it raised $23 million so that Africans could have access to funding to purchase new cars.
The Founders of Moove, Jide Odunsi, and Ladi Delano, in a joint statement, said “Africa is home to more than a billion people where the majority have limited or no access to vehicle financing. The continent has the lowest per capita vehicle ownership in the world.”
They said it had become clear that people in Africa lack access to finance.
According to Delano, in most parts of the developed world, people have better access to funding for new cars.
He said, “Our target, for now, are the mobility entrepreneurs, though we want to solve the issue of how people have access to funds to buy new cars, we are more concerned with solving unemployment problems in Nigeria and Africa.
“We would be providing the opportunity to mobility entrepreneurs like drivers, who provide services such as car-hailing, ride-hailing, and bus hailing services.”
The partnership between Moove and Uber is to provide credit to Uber drivers who are in need of new cars, with loan repayment plans of 24, 36, and 48 months depending on the weekly revenue while driving on Uber.
As against the 10-50% deposit that banks request, Moove only requests 5%.
Moore started operations in 2019 and currently operates in Lagos, Accra, and Johannesburg with headquarters in the Netherlands.