A Nigerian fintech, Moove, recently secured a $20 million investment from British International Investment (BII). Moove said the funds will be used to democratize access to car ownership in Africa.
Extended credit based on driver performance and income analysis
The British development finance institution (DFI), British International Investment (BII), recently said that it has invested $20 million in Moove, the Nigerian mobility technology. According to a statement issued by the institution (formerly CDC Group), the 4-year structured credit investment is a reflection of BII’s “focus on mobilizing capital to build self-sufficiency and market resilience in Nigeria.”
Launched in 2020, Moove, which reportedly aims to “democratize access to vehicle ownership in Africa,” focuses on providing revenue-based vehicle financing for mobility companies. According to a report by Fintech Futures, Moove has been giving credit to drivers previously excluded from the financial system. Credit awarded is based on driver performance and income analysis.
Following the latest investment, Moove has raised $125 million so far this year and $200 million year to date. According to Moove, BII’s latest investment will be used to purchase fuel-efficient vehicles that will be leased to drivers.
“This will also alleviate one of the main obstacles to the development of ride-sharing transport infrastructure in Nigeria’s commercial capital,” the fintech said.
British investments in Nigeria
Speaking at a recent event that also marked the CDC Group’s name change to BII, British High Commissioner for Nigeria Catriona Laing said:
It is a pleasure to be in Lagos to celebrate the launch of British International Investment and to welcome Nick O'Donohoe during his visit to Nigeria. The BII is an important part of the UK's suite of tools and expertise to help Nigeria build its investment pipeline and increase investment in infrastructure, in particular for clean and green growth.
According to Laing, the launch of DFI represents a continuation of the UK’s partnership with Nigeria, which began 74 years ago, with investments in West African Fisheries and Slaughterhouses.
For his part, Nick O’Donohoe, CEO of BII, pointed out that “investing in the prosperity of Nigeria’s growing population requires innovative new alliances that can take advantage of the country’s abundant skills and knowledge”.