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Moove Raises $23m to Expand Vehicle Ownership in Africa

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Moove

By Adedapo Adesanya

Moove, an African mobility fintech, has raised $23 million in Series A funding to build a full-service service that democratizes vehicle ownership in Africa.

The round was led by Speedinvest and Left Lane Capital, with participation from DCM, Clocktower Technology Ventures, thelatest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Spartech Ventures, Class 5 Global, and Victoria van Lennep, co-founder of Lendable.

Africa specialist, Verod Kepple Africa Ventures, and one of Moove’s existing lenders, Emso Asset Management, also joined the round.

This brings Moove’s total funding to $68.2 million, including $28.2 million in equity and $40.0 million in debt.

This makes Moove the first investment in Africa for many of its United States’ VC backers, underscoring the opportunity for a platform to address the continent’s vehicle financing gap which has more than a billion people who have limited or no access to vehicle financing – and the lowest per capita vehicle ownership in the world.

The new Series A funding will also allow Moove to grow and expand into new markets as well as develop and launch new products and services.

The equity raise follows a year of momentum and success for Moove with the launch of three cities and 60 per cent month-on-month growth so far.

The market opportunity in Africa is vast with a population of 1.3 billion people, with 43 per cent in urban areas and growing, and in 2019 had fewer than 900,000 total new vehicle sales compared to 17 million in the US.

Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, which allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans.

The company’s model is to provide loans to its customers by selling them new vehicles and financing up to 95 per cent of the purchase within five days of sign up.

Moove customers can choose to pay back their loans over 24, 36, or 48 months, using a percentage of their weekly revenue.

All Moove customers sign up to the Moove app to manage all transactions and access other financial products on the platform.

Speaking on the goal with the new round, the co-founder of Moove, Mr Ladi Delano says, “In a continent full of opportunity, mobility is key to moving economies forward and this funding contributes to our ability to provide revenue-based financing, as Moove empowers Africans to safely become mobility entrepreneurs.

“We help people buy new cars who otherwise couldn’t afford them. And then, using the vehicle as a mobility entrepreneur, they’re able to earn money, which allows them to pay off the vehicle over time.”

Speaking on the development, Mr Stefan Klestil, General Partner at Speedinvest, said, “With Ladi and Jide at the helm of a world-class team, and their unique approach to vehicle financing, Moove has quickly established itself as one of the most exciting tech companies in Africa.

“The company’s expansion to three cities in under 12 months demonstrates the huge demand for vehicle financing in Africa, where just five per cent of new cars are purchased with financing, compared to 92 per cent in Europe.”

On his part, Mr Dan Ahrens, Managing Partner at Left Lane Capital noted, “Moove’s technology is fundamentally changing access to mobility and empowering thousands to earn a new source of income.

“As we look ahead, the potential for that technology and the Moove team to expand even further is very exciting. They have the opportunity to become a full-service mobility fintech and expand their offerings to insurance and other financial services.”

Moove was initially bootstrapped by its co-founders, Messrs Ladi Delano and Jide Odunsi with seed-stage funding from Future Africa, an Africa focused fund led by Mr Iyin Aboyeji, who was a founder at Andela and Flutterwave.

Moove is a mission-led company that’s committed to giving 100 per cent of mobility entrepreneurs access to affordable credit and ensuring that 50 per cent of its customers are women.

It also aims to ensure that at least 60 per cent of the vehicles it finances are electric or hybrid vehicles as part of its commitment to improving road safety and vehicle emissions on Africa’s roads.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Passengers Lament as Uber, Bolt Drivers Strike in Lagos

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Uber Technologies System Nigeria Limited

By Dipo Olowookere

Rising operational costs and declining earnings have forced drivers of ride-haling platforms like Uber and Bolt to embark on a three-day warning strike in Lagos.

This situation has not gone down well with their customers in the metropolis, who have expressed frustration over the strike.

“Though I am not happy with the action of the drivers, I feel for them because they operate in a harsh environment,” a customer of Bolt, Mr Seyi Adeniji, said.

When Business Post checked the Uber app on Monday morning to book a ride from Egbeda to Megida Ayobo, both in the Alimosho Local Government Area of Lagos State, it was functional, but with fewer drivers available for pick-up, with prices ranging from N5,200 on Uber X to N7,400.

One of the drivers, who spoke with this newspaper but begged for anonymity, said efforts by them for improved packages have failed.

It was gathered that when nothing concrete came out from talks with operators of the platforms, drivers, under the aegis of the Amalgamated Union of App-Based Transporters of Nigeria (AUATON), Lagos State Chapter, decided to begin a warning strike from March 16 to 18, 2026, to further press home their demands.

They want an immediate review of ride fares to reflect current economic conditions. They also seek a cut in commission charges by ride-hailing companies, and want the introduction of a guaranteed minimum trip fare.

The drivers have asked for insurance coverage, an end to unjust deactivation of driver accounts without proper investigation, and greater transparency in how fares and commissions are calculated.

In addition, they want improved safety protections for drivers through better rider-verification systems, emergency panic buttons, and faster response mechanisms in cases of security threats.

According to a statement from the spokesman of the organisation, Mr Steven Iwindoye, many drivers are struggling to remain financially viable due to increasing fuel prices, vehicle maintenance costs, inflation and other living expenses, while fare structures on ride-hailing platforms have remained largely unchanged.

“Drivers operating on platforms such as Uber, Bolt, inDrive and Lagride continue to face rising operational costs, including the high price of fuel, vehicle maintenance, inflation and daily living expenses.

“Unfortunately, the fare structures and policies of these companies have not been adjusted to reflect these economic realities,” the statement said.

It was stressed that many drivers now work extremely long hours yet still struggle to earn a sustainable income, clarifying that, “This strike is not intended to punish commuters but to demand fair treatment, economic sustainability and safety protections for the drivers who power the ride-hailing industry.”

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InDrive Fetes Abuja Drivers in Ramadan Shukran Campaign

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inDrive Ramadan Shukran Campaign

InDrive, a leading global ride-hailing platform operating in nine African countries, is celebrating Ramadan season with a targeted driver appreciation programme in Abuja, tagged’Ramadan Shukran campaign’, with active Muslim drivers on the platform to receive curated food hampers and personalised thank-you cards.

The initiative, designed to strengthen the company’s relationship with its driver community at a time when many are working long hours while observing the fast, is not based on financial incentives or performance-based rewards but on practical support for the month and a direct expression of appreciation for the role drivers play in the platform’s daily operations.

Four Abuja-based Muslim content creators who understand the social and religious considerations of the period have been delivering 200 hampers across key districts in the city. The hampers, which contain everyday Ramadan essentials to support suhoor and iftar, including staple foods and beverages commonly consumed during the fasting period, come in warm-toned Ramadan packaging and include a handwritten-style card from Indrive with the message “Shukran,” which means thank you.

Each creator is assigned a specific coverage area to ensure broad reach and local relevance, with deliveries taking place around prayer times and fasting schedules, which are captured with the participating drivers’ consent.  The campaign, serving as a broader positioning goal to publicly recognise drivers through creator-led storytelling, will further reinforce inDrive’s people-first identity and increase awareness among drivers who are not currently on the platform.

The campaign reflects inDrive’s deliberate shift toward relationship-building through culturally relevant engagement during one of the most significant periods in the Muslim calendar.

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Glovo Unveils New Road Safety Feature for Safety of Nigerian Riders

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Glovo in Nigeria

By Modupe Gbadeyanka

To enhance the safety of riders in Nigeria, a leading multicategory technology company, Glovo, has launched a new road safety feature on its mobile application.

The initiative was introduced in collaboration with the Federal Road Safety Corps (FRSC). It was designed to address key challenges in Nigeria’s fast-growing e-commerce and mobility ecosystem by implementing data-driven preventive measures to enhance road safety.

Also, Glovo has concluded plans with the FRSC to organise a road safety training. This has already been done in Lagos, with the training coming to Abuja on Friday, strengthening rider protection and road safety standards across Nigeria.

The Interim General Manager for Glovo Nigeria, Ms Reni Onafeko, said the new feature reflects the company’s long-term investment in safety, innovation, and responsible business growth in Nigeria.

Ms Onafeko explained that the feature combines advanced technology with structured training to ensure safer roads for riders and the broader public, highlighting the feature’s voluntary opt-in nature, explaining that riders can use it to improve their safety.

“The launch of this new feature reflects our commitment to building a culture of prevention rather than reaction. By equipping riders with real-time data about their riding behaviour, we are empowering them to make safer decisions every day. This initiative is about protection, education, and continuous improvement.

“Our approach combines innovation, partnership, and human-centred design. We are not just introducing a feature; we are reinforcing our responsibility to protect the people who power our platform every day.

“By working closely with regulators and organising safety training for riders, we are contributing to safer roads and a more sustainable ecosystem in Nigeria,” she stated.

In his remarks, the Senior Special Assistant to the Lagos State Governor on Transportation Education and Innovation, Mr Oluwatobi Idowu, noted that the training was a good initiative by Glovo Nigeria, urging riders to take advantage of the unique opportunity to familiarise themselves with the necessary safety rules while driving.

On his part, the Assistant Corps Commander for the Lagos Sector Command of the FRSC, Mr Philip Ogah, who represented the Lagos State Sector Commander, Mr Kehinde G. Hamzat, commended Glovo Nigeria for facilitating a refresher course for riders.

He noted that the training was necessary to help riders be really conscious about their safety, stating that it was better for them to be equipped with such interactive safety tools.

“There are levels of preparation before driving on the road. As a rider, learning is key and a continuous process. This kind of training makes you more informed as you drive.

“As a technological platform, it is good to see that Glovo keeps on ensuring that riders are trained to have a better usage of and better behaviour on Nigerian roads,” the FRSC chief in Lagos stated.

Also speaking, the Head of Operations at Glovo Nigeria, Oluwaseun Okugboye-Bello, explained that the introduction of the safety feature on the Glovo app has become an essential new addition for riders’ self-improvement while collaborating with the platform, noting that it was incorporated into the app to protect riders, commuters, and pedestrians.

At the end of the training session, certificates were presented to 70 participants.

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