Moove, an African fintech for mobility, opened its first East African office in Nairobi, Kenya, in order to expand its operations in Africa.
This was in response to a partnership Uber established that allowed Uber Connect and UberEats delivery drivers to purchase motorbikes to transport clients.
After its recent collaboration with Lori Systems, a pan-African elogistics platform Lori Systems, Sendy was also part of the company’s partnership.
According to the company’s entry in the East African market, it moves closer to its goal of decentralizing African car ownership by providing revenue-based vehicle financing.
The affordability of credit financing has been a problem for many businesses, especially those with poor credit histories, as Kenyan lending prices have nearly doubled.
Moove plans to capitalize on this market opportunity and allow drivers to access new vehicles using its alternate credit-scoring system. This will result in better work opportunities in the mobility industry.
Vehicle finance with asset backing
Moove, co-founded by Jide Odunsi and Ladi Delano in 2019, provides vehicle financing through asset-backed financing. This is done by integrating its alternative credit-scoring system with ride-hailing platforms and e-logistics.
The company claims that customers can get loans to purchase new cars and finance up to 95% of their purchase price within five business days of signing up.
Customers can repay their loans in 12, 36, 48 or 60 months. They do this by paying a portion from their weekly income through the Moove app. This keeps track of all transactions, and allows them to access other financial products.
Move-financed cars have ridden more than 1.6 million miles and driven more than 20 million kilometers in its markets.
The company recently launched its first two-wheeler bicycle product, Moove Xpress in Lagos. It empowers drivers through vehicle financing solutions that allow them to increase their productivity and earnings.
Ladi Delano, CEO and Co-Founder of Moove, spoke out about the decision to move to Kenya. He said that Kenya has a booming entrepreneurial and mobility economy which makes it easier to access and implement our financing solutions.
“As Africa’s largest economy, Kenya is a gateway to the rest of East Africa. Our move into Kenya will help us open up new markets. After achieving over 50%+ MoM growth, we are thrilled to continue our expansion. “
– Ladi Delano, CEO and Co-Founder of Moove
According to the company, it believes that the expansion to Nairobi will allow it to create jobs for citizens.
We are creating income and job opportunities by guiding our customers on the path to vehicle ownership.
According to the company, the Sub-Saharan African two-wheeler hailing industry is hindered by a shortage of new vehicles and a lack of regulation for drivers and passengers.
Moove has expanded its presence in East Africa to increase asset ownership for brand new motorcycles. It also maintains regulatory compliance in the sector. This will allow it to generate money through ride-hailing services and delivery applications.
Tayo Oyegunle is the Chief Operations Officer and stated that he was proud to bring financial inclusion to Kenyan mobility entrepreneurs.
“We offer flexible employment through revenue-based finance, which empowers drivers and drives growth in Africa’s mobile industry. Our commitment to ensure that half of our customers are women underlines this. We will be able to offer a wide range of products and services to mobility entrepreneurs through the Uber, Sendy, Lori System and Lori System partnership.
Moove raised $23 Million in August to simplify vehicle ownership across Africa. The company launched in Kenya and South Africa after the raise. It will be fascinating to see where this journey takes us next.