Nigeria’s largest city, Lagos, is widely known for its heavy traffic. Moove, an African fintech company that provides vehicle financing to customers and the International Finance Corporation (IFC) have partnered to improve urban mobility and ease heavy congestion in Nigeria’s busiest city.
IFC has loaned $20 million to Moove to enable the fintech to acquire 1,400 new cars, including new hybrid energy-efficient vehicles, for its flexible car ownership business. Moove is Uber’s only car financing and vehicle supply partner in sub-Saharan Africa. The company, which operates in several African countries, recently raised $23 million from different investors for growth and expansion into new markets and products.
The IFC investment will enable more people in Lagos to acquire vehicles to provide ride-hailing services in the city. “The additional cars added to Moove’s fleet will enable an estimated four million passenger trips per year in Lagos,” said IFC on its website.
IFC’s Senior Country Manager for Nigeria, Kalim M. Shah noted, “Our partnership with Moove reiterates our commitment to spur economic growth in Nigeria by creating new opportunities and inclusive jobs, especially as the country recovers from the devastating impact of the COVID-19 pandemic.”
IFC aims to nurture Nigeria’s expanding digital economy and support businesses in the West African country.
Moove has raised $68.2 million from different investors since its establishment in 2019. $28.2 million is in equity and $40 million is debt.
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