Fintech company, Moove, has announced the commencement of its operations in Nairobi, Kenya. This is the company’s first location in East Africa, and its sixth overall in Africa. The company has also declared that it is expanding its offerings by forming new collaborations with various companies in the region.
Moove has collaborated with Uber to allow ride-hailing and delivery drivers to purchase motorcycles for Uber Connect. Drivers in Nairobi will have access to Moove Xpress bikes for UberConnect (peer-to-peer delivery), UberBoda trips and UberEats food deliveries.
Sendy, a last-mile logistics provider, has joined the fintech company’s logistics vehicle service.
Lori Systems, an e-logistics platform, has also worked with the fintech company.
The company claims that entering the East African market will help it achieve its goal of democratiisng car ownership across Africa by providing revenue-based vehicle finance.
With lending charges nearly twice as high as in South Africa and an average loan deposit of 10% to 30%, affordability remains a challenge for businesses without a credit history. This is a common financial stumbling block across the continent.
Moove believes it will take advantage of the market opportunity by allowing drivers to access brand new vehicles through its alternative credit-scoring technology, resulting in more decent job opportunities in the mobility industry.
Ladi Delano and Jide Odunsi co-founded Moove in 2019 to provide asset-backed vehicle financing through the integration of their alternative credit-scoring system into ride-hailing and e-logistics platforms.
Customers can get loans from Moove by purchasing new vehicles and financing up to 95% of the purchase price within five days of signing up. Customers can repay their loans over a period of 12, 36, 48, or 60 months by paying a portion of their weekly income through the Moove app, which keeps track of all transactions and gives them access to other financial products on the platform. Moove-financed automobiles have performed over 1.6 million rides and driven over 20 million kilometers across its markets to date.
“Kenya already has a thriving mobility and entrepreneurial industry for us to tap into and roll out our financing solutions, so we’re very excited to be launching into Nairobi, our sixth market in 18 months,” said Ladi Delano, Co-Founder and CEO of Moove. Our entry into Kenya, as one of Africa’s largest economies, serves as a gateway to other East African markets. We’re delighted to keep growing after seeing over 50%+ year-on-year growth since debut.”
“Moove was recently awarded the IFC Corporate Award for being one of the top 20 most influential and transformational companies in their portfolio that is using an innovative and scalable solution to solve a continent-wide problem,” says the company. This confirms that our methodology is effective in guiding clients down the virtuous path of vehicle ownership, while also providing employment and income prospects for these mobility entrepreneurs.
“The team and I are proud to be delivering financial inclusion to mobility entrepreneurs in Nairobi, Kenya,” says Tayo Oyegunle, the company’s Chief Operations Officer. We’re empowering drivers and fostering growth in Africa’s mobility industry by enabling flexible employment through revenue-based financing, as seen by our commitment to ensure that 50% of our clients are female. The collaborations with Uber, Sendy, and Lori System will also allow us to join the market with a wide range of products and services that mobility entrepreneurs may use to move people, goods, and services.”