Moove has announced the official launch of its operations in Nairobi, Kenya. This is the company’s first city in East Africa, and its sixth on the African continent. The company has also announced it is expanding its offerings with new partnerships with different companies that are operational in the region.
The new partnerships are as follows:
- Moove has partnered 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.
- Moove has expanded its logistics vehicle offering with last-mile logistics company Sendy
- Moove has also partnered with e-logistics platform Lori Systems
The company says that entering the East African market allows it to get closer to its goal of democratising vehicle ownership by providing revenue-based vehicle financing across Africa.
With Kenya’s lending costs almost twice that of South Africa’s and the average loan deposit standing at 10% to 30%, affordability is still an issue for entrepreneurs who lack a credit history. This is a typical financing hurdle on the continent.
Moove says it will use the market opportunity to enable drivers to leverage its alternative credit-scoring technology and gain access to brand new vehicles which creates more good job opportunities within the mobility industry.
Co-founded in 2019 by Ladi Delano and Jide Odunsi, Moove provides asset-backed vehicle financing by embedding its alternative credit-scoring technology onto ride-hailing and e-logistics platforms.
Moove offers loans to customers by selling them new vehicles and financing up to 95% 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 other financial products on the platform. To date, Moove-financed cars have completed over 1.6 million trips with over 20 million kilometres travelled across its markets.
Comments from the CEO and COO:
Commenting on the expansion, Co-Founder and CEO of Moove, Ladi Delano said: “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. As one of the biggest economies across Africa, our move into Kenya serves as a gateway to other East African markets. We are excited to continue our expansion, having achieved over 50%+ MoM growth since launch”
“Moove recently received the IFC Corporate Award, as one of the top 20 most impactful and transformational companies in their portfolio that is applying an innovative and scalable solution towards solving a continent-wide problem. This further validates that our model is really working, in getting customers to the virtuous path of vehicle ownership, and by doing so, we are creating employment and income opportunities for these mobility entrepreneurs.”
With the launch in Kenya, Chief Operations Officer, Tayo Oyegunle, states, “The team and I are proud to be bringing financial inclusion to mobility entrepreneurs in Nairobi, Kenya. We’re 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% of our customers are female. The Uber, Sendy and Lori System partnerships will also allow us to enter the market with a substantial range of products and services for mobility entrepreneurs to take advantage of by moving people, goods and services.”