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Moove Raises $23m to Expand Vehicle Ownership in Africa
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.
By Aduragbemi Omiyale
The Nigeria Police Force has said it would begin the enforcement of the controversial tinted glass permit despite an ongoing case in the court.
In a statement on Monday night signed by its spokesman, Mr Benjhami Hundeyin, the police said the reason for the resumption of the enforcement was due to insecurity in the country.
The enforcement, the statement noted, will resume on Friday, January 2, 2026, and motorists who require the tinted glass permit have been encouraged to apply through the approved channels and ensure that their vehicles comply with legal procedures.
The police noted that there was not a time the court prevented it from going ahead with the implementation of the tinted glass permit, noting that this was for the “safety of all citizens.”
“It is important to clarify that at no point did the court restrain the Nigeria Police Force from enforcing the provisions of the law regarding the use of tinted glass on vehicles.
“Nonetheless, in the spirit of responsibility, transparency, and public convenience, the Force suspended enforcement to allow motorists ample opportunity to regularise their documentation and complete the registration process without pressure,” parts of the statement today stated.
“Recent trends, however, reveal a disturbing rise in criminal activities perpetrated with the aid of vehicles fitted with unauthorised tinted glass. Some individuals and organised criminal groups have exploited this gap to conceal their identities and facilitate crimes ranging from armed robbery to kidnapping and other violent crimes.
“In view of this, the Nigeria Police Force has found it both necessary and urgent to resume full enforcement as a proactive measure to safeguard our communities.
“Consequently, enforcement of tinted glass permit will resume on January 2, 2026,” it declared.
“The Inspector-General of Police (IGP) Kayode Adeolu Egbetokun, assures the public that the renewed enforcement will be carried out with utmost professionalism, respect for the rights of citizens, and in accordance with extant laws.
“He adds that the Force remains committed to promoting public safety and upholding the rule of law while working collaboratively with all stakeholders to keep Nigeria secure,” the statement added.
By Aduragbemi Omiyale
The 6th edition of the annual Don’t Drink & Drive (DDD) campaign of the Beer Sectoral Group (BSG) of the Manufacturers Association of Nigeria (MAN), organised in partnership with the Federal Road Safety Corps (FRSC), has officially flagged off.
The safer roads initiative commenced in Lagos with a press interaction and stakeholder briefing attended by FRSC officials, the BSG executive team, transport unions, and media organisations.
The DDD campaign reinforces BSG’s ongoing commitment to promoting responsible drinking and safer roads across Nigeria.
Chairman of the group, Mr Carlos Coutino, stressed the industry’s unwavering commitment to road safety and responsible drinking.
“The beer industry remains steadfast in its commitment to responsible drinking advocacy. The Don’t Drink & Drive campaign has been one of the Beer Sectoral Group’s flagship corporate social responsibility programmes since inception, aimed at saving lives and fostering safer transportation habits,” Mr Coutino stated.
In his welcome address, the Corps Commander, Mr Kehinde G. Hamzat, emphasised the heightened dangers on the roads during the festive season and the need for stronger public awareness:
“The risk of road crashes increases significantly during the festive season, which is why we must intensify public sensitization efforts. Collective awareness and responsible choices are critical to saving lives on our roads,” he said.
He lauded the BSG member companies for their consistent support of the FRSC in this initiative over the years, noting that their commitment has made a real impact in reducing avoidable accidents.
“I wish to express my profound appreciation to our esteemed stakeholders, Beer Sectoral Group for partnering with the Federal Road Safety Commission in the campaign for continued corporate social responsibility efforts towards ensuring safety on our roads,” he said.
In her closing remarks, the Executive Secretary of BSG, Mrs Abiola Laseinde, thanked the FRSC and transport stakeholders for their continued collaboration, underscoring the vital role of collective action in reducing avoidable accidents caused by drunk driving.
After the event, the team proceeded to major motor parks in Lagos, Berger and Ojota — for the park rallies.
At each location, commercial drivers and road users received safety sensitization, breathalyzer demonstrations, and branded educational materials. The rally also featured direct engagements with transport unions and drivers to reinforce the message of safety and responsible alcohol consumption.
The BSG comprises notable brewers like International Breweries Plc, Nigerian Breweries Plc, and Guinness Nigeria Plc.
By Aduragbemi Omiyale
As part of its efforts to ensure smooth festive period, the Ibese Plant of Dangote Cement Plc in Ogun State at the weekend distributed some life-saving kits to motorcycle riders and commercial drivers in the Gateway State.
Some of the items given to the commercial drivers and riders included helmets, reflective jackets as well as safety goggles.
The company said road safety campaign, which happened at the Ilaro Motor Park, was to curb preventable crashes by promoting responsible driving and riding habits as vehicular traffic surges towards the year-end.
Facilitators demonstrated the four major blind spots—front, passenger side, driver’s side, and rear—using live motorcycles and a stationed truck. Riders were stunned to discover that even an attentive driver could not see them in these zones.
A staff of Dangote Cement Transport for Health, Safety and Environment, Ms Ebere Okonkwo, explained that the initiative aligns with Dangote Cement’s broader mission to promote safer roads and foster harmony between truck drivers and other road users.
“Safety is a shared responsibility. This programme teaches road users especially the drivers and riders how to identify blind spots and equips them with safety kits. It’s part of our continuous effort to save lives.
“Overspeeding, impatience, and miscalculations remain leading causes of preventable road accidents. We urge riders to prioritize safe riding habits and strictly obey traffic regulations, especially during these remaining days into the New Year when vehicular movement peaks,” Ms Okonkwo said.
The Head of Transport and Safety at Ibese Plant, Mr Peter Abuad, led a practical session on basic issues in Road safety demonstrated how the drivers and the Okada riders could identify and avoid truck blind spots.
He highlighted four critical danger zones—directly in front, both sides, and behind heavy vehicles—warning riders to steer clear during lane changes and turns.
“If you are in any of these blind spots, the truck driver does not know you’re there. Avoid them at all times. Dangote Cement Ibese is committed to ensuring safety and improving lives,” he stated.
The Unit Commander of the Federal Road Safety Corps (FRSC), Sulaiman Kolawole Oluwadumiye, warned that excessive speed remains a leading cause of fatal crashes.
“Speed is sweet—the engine sounds powerful, the road looks open, and you feel in control. But the same speed that feels good for one minute can destroy a family in another second.
“The road has no respect for confidence or experience. There is no medal for the fastest driver and rider, only sorrow for the careless one,” he said.
He explained that speeding reduces a rider’s ability to spot danger and brake effectively, noting that articulated trucks pose even greater risks when control is lost.
“Most crashes involving motorcycles and trucks happen because riders unknowingly enter these danger zones,” he said, recounting a recent fatal crash caused by a rider overtaking on the wrong side and disappearing into a truck’s blind spot.
One of the beneficiaries of the programme, Mr David Odumoye thanked the management of Dangote Cement for deeming it fit to come to the park to meet the drivers and riders and enlighten them on road safety issues and donating safety items to them, adding, “Nobody is an expert on the road, no matter how long you’ve been riding. This training is very important. We thank Dangote for the initiative and the protective kits.”
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