Absa Corporate and Investment Banking (CIB) has provided US $8 million in financing to the Nigerian mobility fintech company Moove, which will be used to expand its vehicle fleet in Ghana. Moove is Uber’s largest vehicle supply partner in EMEA.
By offering revenue-based vehicle financing to mobility entrepreneurs, Moove is democratizing vehicle ownership in Africa. It was founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi.
The ride-hailing, e-logistics, and instant delivery platforms that Moove integrates its alternative credit scoring technology into allow it to use its own performance and revenue analytics to underwrite loans to drivers who were previously denied access to financial services.
Millions of rides have already been taken in Moove-financed vehicles in three different product categories—cars, trucks, and motorbikes—across six African markets—Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan. The company has also expanded into Europe and India after securing sizeable debt and equity financing.
The most recent funding from the bank will be crucial in bolstering Moove’s fleet of brand-new, fuel-efficient Suzuki S-Presso cars, which will be put together in Ghana. Moove obtained a US$20 million financing facility from Absa for its South African operations last June. This creates a new pipeline of manufacturing jobs across Accra in addition to opening the door for a ton of new clients to begin their entrepreneurial journeys with the business.
The new growth is anticipated to accelerate Moove’s steady growth in Ghana, where the startup has already provided over 2.7 million trips using vehicles it has financed and insured over 3,000 lives through health and life insurance for its users and their dependents.
“We’re delighted to be strengthening our partnership with Absa, whose support has played a pivotal role in accelerating Moove’s growth since becoming our first bank partner in 2022. Our latest collaboration not only reinforces our shared commitment towards driving our local economies forward, but also the transformative role that the provision of affordable, high-quality vehicles can play in achieving this goal,” said Jephthah Datsomor, Moove’s country manager for Ghana.
“In light of Ghana’s current economic challenges, there arguably hasn’t been a more critical time in recent years to invest in the potential of its young people. With this in mind, we’re proud to be in an even stronger position to break down the barriers to a wealth of employment opportunities and further empower Ghana’s emerging class of mobility entrepreneurs.”