The UK government’s development finance institution, British International Investment (BII), formerly known as CDC Group, has announced a $20 million, four-year structured credit investment in Moove, a mobility fintech aiming to democratise access to vehicle ownership in Africa.
British high commissioner, H.E. Catriona Laing CB, says: ““BII forms 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.”
With the investment in Moove, BII aims to mobilise capital to build self-sufficiency and market resilience in Nigeria and improve access to “inclusive” economic opportunities.
Launched in 2020, Moove provides revenue-based vehicle financing and financial services to mobility firms.
By embedding its alternative credit scoring technology into ride-hailing, e-logistics and instant delivery platforms, Moove says it uses performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services.
Moove has raised over $200 million to date, having most recently secured $105 million in March 2022. It has a presence in 13 markets across three continents.
The firm says that the funding from BII will enable it to purchase and import 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.
“This will also alleviate one of the key blockages to the development of ‘ride-hailing’ transportation infrastructure in Nigeria’s commercial capital,” it adds.
Nigeria is the BII’s biggest investment market in Africa, with a portfolio of nearly $570 million through more than 100 businesses and 43 funds, which collectively support almost 45,000 jobs across the country as of 2020.