Moove, a leading mobility fintech company, has announced its expansion to six cities across Africa and the opening of offices in seven countries. The aim of this expansion is to tackle the challenge of limited access to vehicle financing in Africa, which has been a longstanding problem in the continent.
In its recently released Impact Report for 2022/2023, Moove highlighted its contribution to Africa, including the creation of 9,000 jobs, positive impact on 35,000 lives, 4,300 hours of customer training, and the purchase of 2,700 CNG/EV vehicles. The report showed how Moove used their innovative and customer-centric approach to address the unique needs of the African market.
One of the challenges in Africa is the limited access to finance, which has been a major hindrance to economic growth, job creation, and poverty reduction on the continent. This is where Moove comes in. The company uses technology to provide a credit-scoring system that evaluates gig workers based on performance/revenue analytics, enabling them to access financing for their vehicles.
Through its financing program, Moove provides customers with the opportunity to own their vehicles over time. The company is committed to expanding revenue-based Drive-to-Own (DTO) financing in its target markets and to seeking new partnerships in Southeast Asia and Latin America.
Moove’s efforts to expand access to financing and job creation in Africa align with the United Nations Sustainable Development Goals. The company has made commitments to reduce inequality and take climate action. As part of its sustainable development agenda, it plans to increase the percentage of Compressed Natural Gas or Electric Vehicles in its fleet to 70% by 2023.
Moove’s expansion will make a significant impact in Africa, by providing greater access to vehicle financing to more people, and enabling more people to own their vehicles. The expansion also demonstrates the company’s unwavering commitment to Africa’s mobility, economic growth and sustainable development.
Moove’s strategic plans with its DTO financing model will not only incentivize the drivers who join their program to be responsible and diligent with their jobs but also increase their standard of living by giving them the opportunity of owning their vehicles over time while reducing air pollution in the process.
In addition to the financial benefits of access to vehicle financing, the employment opportunities created by Moove’s expansion will also further support the economic growth of the continent.
Overall, Moove’s expansion demonstrates the company’s commitment to using technology to solve real-world problems and its goal of improving the lives and livelihoods of people across Africa. With their innovative approach to mobility and vehicle financing, Moove is set to make a lasting positive impact, both economically and environmentally in Africa.