In many African countries, cars serve as the primary mode of transportation, yet car ownership rates remain significantly lower than those in the United States and Europe. A major obstacle exists in the form of limited access to financing for individuals, companies, and small businesses seeking to acquire the vehicles necessary for their mobility needs.
Moove has set out to confront this challenge by offering revenue-based vehicle financing solutions to ride-hailing app drivers. In partnership with Uber, Moove operates in Nigeria, Ghana, South Africa, and Kenya. Unlike traditional car loans, Moove's financing model links an Uber driver's repayments directly to their work volume and revenue generation, providing customers with increased flexibility in managing their repayments.
Within its first year of operation, Moove facilitated 1.4M trips using vehicles financed through its innovative approach. The company is now poised to utilise recent funding in order to expand its presence across West Africa, with the overarching goal of addressing the substantial vehicle financing gap that exists across the content.
Kirsty
Company Specialist at Welcome to the Jungle
