Moove Africa
Democratising car ownership and careers in Africa
How does it work?
Moove is a technology company that is transforming the way the world thinks about transportation and democratising vehicle ownership. They advocate for urban mobility by empowering lives by providing flexible vehicle access and ownership. It works like this: Users sign up for a car. Users will then be invited to complete an assessment program. They'll get trained and then be able to pick up their vehicle. Every week, Moove deducts weekly rental fees directly from earnings. And once a week transfers the earnings to the users account.
Why is it needed?
According to Reuters, CEO and co-founder Ladi Delano said Moove was initially started to solve a problem for Uber, which at the time had a lot of demand with people ordering trips but there were few drivers with cars in Lagos. It has since moved to finance vehicles for logistics and deliveries. On a continent where the majority of people are still unbanked, fintech startups are emerging to disrupt how lending has been done by traditional banks, which demand collateral that many African people and small businesses do not have.
How does it improve life?
Moove wants to democratise vehicle ownership and empowering mobility entrepreneurs across Africa thereby providing every household in the region access to a vehicle. Their aim is to be the global market leader in this space by enabling on-demand income opportunities and creating value for our partners! So far... 2,240,725 trips have been completed in Moove vehicles and the services are available in five cities. Furthermore, Moove is committed to ensure 50% of its customers are women and ensure 60% of all loans are used to purchase EV or Hybrid vehicles. In March 2022, the company raised $105 million in funding.