Moove exits Nigeria one month after Uber, plans transfer of vehicles to employees
Moove, a mobility fintech backed by Uber, has ended its operations in Nigeria and planned to transfer ownership of vehicles to its Nigerian customers and workforce, to ensure that every member of staff gets at least one car,
The fintech company operated a drive-to-own policy for vehicles allowing customers to become full owners after payment was completed. Moove said it has 42,000 vehicles operating across 29 cities across the globe.
“More than 9,000 customers have used our Drive-to-Own and rental products in Nigeria. Their work generated approximately N57 billion in revenue through Moove-financed vehicles,” Ladi Delano, Moove’s co-founder, co-CEO told TechCabal. “Those numbers matter because they represent people earning, supporting their families and building their own futures.”
Moove shared its exit plan with TechCabal which reported the fintech’s decision to compensate all workers with vehicles worth tens of billions of naira, specifically $26.3 million.
That Moove’s exit is coming a month after Uber ended its ride-hailing operations in Nigeria last month has sparked concerns about the country’s viability for mobility investment.
Uber spent 12 years in the Nigerian market before its departure in September.
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