Moove, an African mobility fintech, has launched operations in Nairobi, its first network in East Africa and sixth on the African continent.
The revenue-based vehicle financing company has also partnered with Uber to allow ride-hailing and delivery drivers to purchase motorcycles for Uber Connect, UberEats deliveries and UberBoda trips.
Moove has also expanded its logistics vehicle offering with Kenyan fulfilment and last-mile logistics company Sendy.
The mobility fintech now moves closer to its goal of democratizing vehicle ownership by providing revenue-based vehicle financing across Africa.
With Kenya’s lending costs almost twice that of South Africa and the average loan deposit standing at 10% – 30%, affordability is still an issue for entrepreneurs who lack a credit history, a typical financing hurdle on the continent.
The mobility fintech will use the market opportunity to enable drivers to leverage its alternative credit-scoring technology and gain access to brand new vehicles.
“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-Moove Co-Founder and CEO.
Moove strategy for East Africa
The fintech firm is using its move into Kenya to expand into East Africa.
Following on its recent launch of the first two-wheeler bike product, Moove Xpress, in Lagos, the mobility fintech is expanding the new vehicle class to East Africa.
As a result of the partnership with Uber, drivers in Nairobi will have access to Moove Xpress bikes for UberConnect (peer to peer delivery), UberBoda trips and UberEats food deliveries.
Drivers will be empowered by the mobility fintech’s vehicle financing solution, which gives them the flexibility to increase their earnings and productivity.
The mobility fintech has also signed a new partnership with Sendy, a Series B end-to-end logistics, retail and freight company.
The Sendy partnership expands Mooves logistics vehicle offering following its recent partnership with Lori Systems to fuel the growth of Africa’s trucking and logistics industry.
Co-founded in 2019 by serial entrepreneurs, Ladi Delano and Jide Odunsi, the African mobility fintech 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.
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