Nigerian Mobility Fintech Secures $20 Million From British Development Finance Institution
Launched in 2020, Moove, which reportedly aims “to democratize access to vehicle ownership in Africa,” is focused on providing revenue-based vehicle financing to mobility firms. According to a Fintech Futures, Moove has been extending credit to drivers previously excluded from the financial system. The credit extended is based on the drivers’ performance and revenue analytics.
“This will also alleviate one of the key blockages to the development of ‘ride-hailing’ transportation infrastructure in Nigeria’s commercial capital,” the fintech firm reportedly said.Speaking at a recent event that also marked the change of name from CDC Group to BII, the British high commissioner in Nigeria, Catriona Laing,It’s a pleasure to be in Lagos to mark the launch of British International Investment and to host Nick O’Donohoe during his visit to Nigeria.
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