Nigerian fintech Moove recently secured a $20 million investment from British International Investment (BII).Moove intends to use the funds to democratize access to car ownership in Africa. It states that it will be used to democratize access to car ownership in Africa.
Credit based on driver performance and revenue analysis
British International Investment (BII), a British development finance institution (DFI), recently announced a $20 million investment in Mobility Fintech “Move” in Nigeria. According to a statement released by the agency (formerly CDC Group), the four-year structured credit investment reflects BII’s “focus on capital mobilization to build self-sufficiency and market resilience in Nigeria.”
Launched in 2020, MOVE reportedly aims to “democratize access to vehicle ownership in Africa” and focuses on providing revenue-based vehicle financing to mobility companies.Fintech Futures reportstates that MOVE has provided credit to date. MOVE has provided credit to drivers previously excluded from the financial system. Loans are made based on a driver’s performance and earnings analysis.
With this investment, MOVE has raised $125 million so far this year and $200 million so far this year. According to Move, the latest investment from BII will be used to acquire fuel-efficient vehicles that will be leased to drivers.
“This also alleviates one of the major blocks to the development of ‘ride-hailing’ transportation infrastructure in Nigeria’s commercial capital,” the fintech firm reported.
British Investment in Nigeria
British High Commissioner to Nigeria, Catriona Lane, also spoke at a recent event marking the name change from CDC Group to BII,,:
We are delighted to be in Lagos to mark the launch of British International Investment and to welcome Nick O’Donohoe during his visit to Nigeria… BII is committed to helping Nigeria build a pipeline for investment and infrastructure investment and forms an important part of a package of UK tools and expertise to help expand investment and, in particular, achieve clean and green growth.
According to Laing, the launch of DFI represents a continuation of the partnership between Nigeria and the UK that began 74 years ago with investments in West African fishing and cold storage.
Nick O’Donohoe, CEO of BII, said, “Investing in Nigeria’s growing population prosperity requires innovative new partnerships that can leverage the country’s wealth of capacity and expertise.”
Image credit: Shutterstock, Pixabay, Wiki Commons, Editorial credit: Santos Akhilele Aburime
