Moove establishes a presence in Kenya and expands its offerings
Moove establishes a presence in Kenya and expands its offerings
As part of its expansion strategy, Moove, an African fintech company focused on mobility, has opened its first office in East Africa and sixth office on the continent in Nairobi, Kenya. This is the company's sixth office on the continent overall.
A partnership with Uber allowed ride-hailing and delivery drivers to purchase motorcycles for use in Uber Connect, UberEats deliveries, and UberBoda trips, allowing them to broaden their vehicle and product offerings to customers.
Additionally, the company has partnered with Sendy, a Kenyan fulfillment and last-mile logistics startup, following its recent collaboration with pan-African e-commerce platform Lori Systems, to expand its reach in the continent.
This move brings the company closer to its goal of democratizing car ownership in Africa through revenue-based vehicle financing, which the company describes as "democratizing car ownership in Africa."
Given that lending rates in Kenya are nearly twice as high as they are in South Africa, access to credit finance for businesses, particularly those with no credit history, has remained a challenge for them.
Through its alternative credit-scoring system, Moove intends to take advantage of this market opportunity by enabling drivers to obtain brand new vehicles, resulting in an increase in the number of opportunities for decent work in the mobility industry.
Affordable asset-backed vehicle finance
Moove was founded by Ladi Delano and Jide Odunsi in the year 2019. The company provides asset-backed vehicle financing through the integration of its proprietary alternative credit scoring system into ride-hailing and e-commerce platforms, among other places.
Those who purchase new automobiles and finance up to 95 percent of the purchase price within five days of enrolling are eligible to receive loans from this program.
Through the Moove app, customers can repay their loans over a period of 12 to 36 months, 48 to 60 months, or even longer, by paying a portion of their weekly income. The app keeps track of all transactions and provides access to additional financial products available on the platform.
Moove-financed automobiles have completed over 1.6 million rides and traveled more than 20 million kilometers across the company's markets to date.
With the recent launch of its first two-wheeler bike in Lagos, the company seeks to empower drivers by providing them with vehicle financing options that allow them to increase their earnings and overall productivity.
Co-Founder and CEO of Moove Ladi Delano believes that the East African country already has a flourishing mobility and entrepreneurial economy, which makes it easier for the company to tap into and expand our financing solutions in the region.
One of the reasons the company believes it will benefit from expanding to Nairobi is that it will be able to create jobs for the local population.
As we direct customers down the beneficial path of vehicle ownership, we enable these mobility entrepreneurs to create jobs and earn a living."
According to the company, the two-wheeler hailing industry in Sub-Saharan Africa is hampered by a scarcity of new vehicles as well as a lack of regulations for both drivers and passengers in the region.
As part of its strategy to increase asset ownership of brand new motorcycles while adhering to industry regulations, Moove is expanding its footprint in East Africa with the goal of eventually generating revenue through ride-hailing and delivery applications.
When it comes to the launch in Kenya, Tayo Oyegunle, Chief Operations Officer, says, "The team and I are proud to be bringing financial inclusion to mobility entrepreneurs in Nairobi, Kenya." Tayo Oyegunle is also the company's Chief Financial Officer.
It was announced in August that Moove had raised $23 million toward its goal of simplifying the complexities of vehicle ownership in Africa. Having received this financing, the company has since expanded its operations to include two additional African countries: South Africa and Kenya. To see where the journey takes us next will be a fascinating experience.
