• Friday, April 19, 2024
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Moove opens in Kenya to expand vehicle financing for trucks and bikes

Moove opens in Kenya to expand vehicle financing for trucks and bikes

Moove, an African mobility fintech company has extended its operations in Nairobi, Kenya to expand its vehicle and product offerings to customers.

The vehicle financing company collaborated with Uber, Lori and Sendy on the Kenya launch making it the first city in East Africa and sixth in the continent.

Uber will enable delivery drivers to purchase motorcycles for UberConnect, UberEats deliveries and UberBoda trips while Lori System has enabled Moove to expand its Logistics vehicle offering with Kenyan fulfillment and last-mile logistics company Sendy.

Ladi Delano, Co-Founder and CEO of Moove while commenting on the expansion, noted that the country has a space for the establishment to thrive.

“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. As one of the biggest economies across Africa, our move into Kenya serves as a gateway to other East African markets. We are excited to continue our expansion, having achieved over 50 percent plus Month on
Month (MoM) growth since launch,” Delano said.

He noted that following the launch of Mooves first two-wheeler products, Moove Xpress, in Lagos, Moove 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 Moove’s vehicle financing solution, which gives them the flexibility to increase their earnings and productivity.

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According to him, the two-wheeler hailing market in Sub-Saharan Africa which is currently estimated at $80 billion lacks access to new vehicles as well as regulation for both drivers and riders, and Moove is growing its reach in East Africa to increase asset ownership of brand new motorbikes and ensuring regulatory compliance in the sector.

“The team and I are proud to be bringing financial inclusion to mobility entrepreneurs in Nairobi, Kenya. We’re offering flexible employment through revenue-based financing, thus empowering drivers and driving growth in Africa’s mobility industry, underlined by our commitment to ensure that 50% of our customers are female. The Uber, Sendy and Lori System partnerships will also allow us to enter the market with a substantial range of products and services for mobility entrepreneurs to take advantage of by moving people, goods and services,” Tayo Oyegunle, COO of Moove said.

The CEO states that, Moove recently received the IFC Corporate Award, as one of the top 20 most impactful and transformational companies in
their portfolio that is applying an innovative and scalable solution
towards solving a continent-wide problem