Moove, the world’s first mobility fintech company, was founded in response to the challenge faced by over 2 million African mobility entrepreneurs — the lack of access to vehicle financing. Lack of affordable vehicle financing is a big issue on the continent.
Moove set out to solve this problem in Lagos, but soon found out that this was a widespread problem and quickly expanded its operations to 6 cities across Africa. Moove is also Uber’s largest vehicle supply partner in the EMEA region. Moove has offices and operations in 7 countries. There are locations in Nigeria, Ghana, Kenya, South Africa, United Kingdom, UAE, and India.
Moove says its mission is to empower every mobility entrepreneur financially by welcoming them into the global financial system through its credit-scoring products and fintech platform. “We do this by embedding our alternative credit scoring technology onto ride-hailing, logistics, mass transit, and instant delivery platforms using proprietary performance and revenue analytics to underwrite customers that have previously been excluded from financial services.” In the process, Moove helps drive productivity and success for the world’s mobility entrepreneurs by democratizing access to vehicle ownership.
Moove has just released its 2022/2023 Impact Report. Highlights from the report include:
- Creating close to 9,000 jobs for its customers
- Impacting approx. 35,000 lives
- Performing over 4,300 hours of customer training
- Purchased over 2,700 Compressed Natural Gas (mostly in India) and Electric Vehicles (mostly in UAE and the UK so far).
Moove is expanding its revenue based Drive-To-Own (DTO) financing in its target markets to enable millions of entrepreneurs in the mobility center to have access to financing that they would not normally have through the traditional channels in their home countries. A lot of entrepreneurs (gig workers) work in environments with limited access to financing due to the irregular income patterns that are sometimes associated with the gig economy. According to Moove, the term “gig worker” refers to a person who carries out temporary or freelance work, especially an independent contractor engaged on an informal or on-demand basis.
Moove plans to expand its vehicle financing and Moove App Suite into two new regions, Southeast Asia and Latin America, through new marketplace partnerships by the end of 2023.
Commenting on the Impact Report, Moove’s Co-founders Jide Odunsi & Ladi Delano said “It is important to recognise that behind every data point and dashboard, there are real people whose lives are affected by our decisions.”
Jacqui Monyemoratho, a Moove customer in South Africa, said, “If you have no income you have nothing…Now, I have an affordable car, I am using it to make income and I started seeing my lifestyle change!”
Moove add that the 4 key areas where it has reported fundamental impact are Financial Inclusion, Gender Equality, access to Life and Health Insurance & Environmental Impact. Parallel to these, Moove has identified the following 5 UN Sustainable Development Goals (SDG) as those that it has the most potential to contribute to:
- SDG 1: No Poverty
- SDG 5: Gender Equality
- SDG 8: Decent Work and Economic Growth
- SDG 11: Reduced Inequalities
- SDG 13: Climate Action
In 2023, Moove will roll out its Impact Framework and officially sign up to the UN SDGs to demonstrate its contribution.
Innovative financial products such as Moove’s DTO will help drive access to mobility, especially in Africa where the levels of motorization are still very low. In Africa, only a handful of countries have motorization rates above 100 vehicles per 1,000 people. The majority of countries have rates below 50 passenger vehicles per 1,000 people. To put this into perspective, South Korea and Germany have rates above 500 passenger vehicles per 1,000 people. The US has an even higher rate that is closer to 800 vehicles per 1,000 people, according to a study by Siemens Stiftung.
Moove is working to ensure that at least 60% of its vehicles will be compressed natural gas and electric vehicles. As the transition to electric mobility is happening faster than previously thought, it may be a good idea for the company to weight its projections more towards electric vehicles.
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