Mobility fintech company-Moove has launched a product that allows ride-hailing and delivery drivers in Nairobi to purchase motorcycles for trips with revenue-based financing.
To expand its vehicle and product offerings to customers, it has partnered with Uber allowing drivers to buy motorcycles for Uber Connect, Uber Eats deliveries and UberBoda trips.
“Kenya already has a thriving mobility and entrepreneurial industry for us to tap into and roll out our financing solutions, so we are very excited to be launching into Nairobi, our sixth market in 18 months,” Moove Co-Founder and CEO Ladi Delano said.
Moove recently received the IFC Corporate award as one of the top 20 most impactful and transformational companies, that are applying an innovative and scalable solution towards solving a continent-wide problem.
This further validates its model is working in getting customers to the virtuous path of vehicle ownership and by doing so, it is creating employment and income opportunities for mobility entrepreneurs.
Currently estimated at $80billion (Sh9 trillion), the two-wheeler hailing market in Sub-Saharan Africa is plagued by a lack of access to new vehicles as well as a lack of regulation for both drivers and riders.
Moove is keen to grow its reach in East Africa.
It has signed a new partnership with Sendy. This partnership expands its logistics vehicle offering following its recent partnership with Lori Systems to fuel the growth of Africa’s trucking and logistics industry.
Lack of financing for Africa trucking stands at less than one per cent .
“We are offering flexible employment through revenue-based financing thus empowering drivers and driving growth in Africa’s mobility industry underlined by our commitment to ensure that 50 per cent of our customers are female,” Chief operations officer, Tayo Oyegunle, said.
Co-founded in 2019 by social entrepreneurs, Ladi Delano and Jide Odunsi, the fintech company provides asset-backed vehicle financing by embedding its alternative credit scoring technology onto ride-hailing and e-logistics platforms.
It offers loans to customers by selling them new vehicles and financing up to 95 per cent of the purchase price within five days of signing up.
Customers can choose to repay their loans over 12, 36, 48 or 60 months paying a percentage of their weekly income through the Moove app, which manages all transactions and provides access to their financial platform.
To date, their financed cars have completed over 1.6 million trips with over 20 million kilometres traveled across its markets.
