Moove, an African mobility fintech, has launched its first office in East Africa and its sixth on the continent in Nairobi, Kenya, in order to expand its activities across the continent.
This move came after a partnership with Uber that allowed ride-hailing and delivery drivers to acquire motorbikes for Uber Connect, UberEats deliveries, and UberBoda journeys to expand their vehicle and product options to clients.
Following its previous partnership with pan-African e-logistics platform Lori Systems, the company has teamed with Kenyan fulfilment and last-mile logistics startup Sendy.
The company claims that entering the East African market brings it closer to its goal of democratizing car ownership in Africa by providing revenue-based vehicle finance.
The affordability of credit finance has been a concern for firms, particularly those without a credit history, in Kenya, where loan charges are nearly double those in South Africa.
Moove intends to seize this market opportunity by allowing drivers to access brand new vehicles through its alternative credit-scoring system, resulting in more decent job opportunities in the mobility industry.
Ladi Delano and Jide Odunsi co-founded Moove in 2019 to provide asset-backed vehicle financing through the integration of their alternative credit-scoring system into ride-hailing and e-logistics platforms.
Customers can acquire loans by buying new cars and financing up to 95% of the purchase price within five days of signing up, according to the business.
Customers can pay a portion of their monthly income to repay their loans over a period of 12, 36, 48, or 60 months using the Moove app, which maintains track of all transactions and allows them access to other financial products on the platform.
So far, Moove-financed autos have completed over 1.6 million rides and driven over 20 million kilometers across the company’s markets.
The company, which has just launched its first two-wheeler bike product, Moove Xpress, in Lagos, empowers drivers by providing vehicle finance options that allow them to enhance their profits and productivity.
The company believes that, among other things, the new expansion to Nairobi will allow it to create jobs for the city’s residents.
The two-wheeler hailing industry in Sub-Saharan Africa, according to the company, is hampered by a lack of new vehicles as well as a lack of regulation for both drivers and passengers.
Moove is growing its reach in East Africa in order to increase asset ownership of brand new motorcycles while preserving industry regulatory compliance, ultimately generating revenue through ride-hailing and delivery apps.