Moove, a Nigerian mobility fintech, has secured $20 million. 4-year structured credit investment from British International Investment (BII), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group.
BII said the new funding would enable Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset-ownership over a three to four-year period.
The UK investment arm said the funding is at alleviating one of the key blockages to the development of ride-hailing transportation infrastructure in Nigeria’s commercial capital.
This was announced at a recent business reception in Lagos co-hosted by Catriona Laing, British high commissioner to Nigeria and Nick O’Donohoe, chief executive officer of BII.
The event was held to celebrate the launch of DFI’s new name and reiterate its ambition to scale up investment that will boost economic sectors in Nigeria.
Speaking at the event, Laing said BII formed an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth.
She added that the UK government looked forward to seeing BII’s support expand and diversify in Nigeria.
In his keynote speech, O’Donohoe highlighted BII’s 74-year history in Nigeria, from its first investments in 1949 in West African Fisheries and Cold Store, to the organisation’s pioneering role in supporting Nigeria’s first private equity fund — African Capital Alliance’s Capital Alliance Private Equity Fund I (CAPE I).
On how BII’s new five-year strategy is driving its investment in Moove, O’Donohoe said: “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise.”
“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.”
Ladi Delano, co-founder and co-CEO at Moove, said the strategic support will play a key role in the company’s mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs
“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment,” Delano said.
