By Modupe Gbadeyanka
A partnership aimed to give access to mobility entrepreneurs access to working capital has been entered into between OnePipe and Motor Africa, the trade name of envio Logistics Incorporated.
It was gathered that the funds, under lending as a service (LaaS) proposition, would be provided to vehicle owners in the form of an overdraft to finance car repairs, purchase genuine spare parts, vehicle and personal insurance, smartphones, and cash for personal and family welfare support needs.
This LaaS format utilizes hybrid telemetry IOT systems and allows lending partners to create loan products with interest rates and repayment terms, as well as manage credit requests, automatic underwriting, cash disbursement, and repayment collection.
The technology, which generates analytical telemetry and remittance income data, assists registered lenders in making informed lending decisions while also managing seamless credit repayments.
Motor Africa, a mobility & IOT infrastructure startup in Nigeria, has activated more than 2,000 vehicles already on its platform and is now poised to enable those vehicle owners (who currently use the platform to lease their cars to verified drivers on e-hailing services and local transport services) have access to credit services and manage driver repayments to the vehicle owner and provides car maintenance oversights at partnered workshops.
It currently offers services in Lagos, Abuja, Ibadan, Benin, and Port Harcourt and aims to announce further locations in the second quarter of 2023.
The Motor Africa technology, which is available on the Google Play store and Apple Appstore, allows mobility entrepreneurs to register their vehicles, pay a vehicle and activation fee of N15,000, and have their overdraft wallets instantly credited with N600,000 prior to the vehicle being displayed on the mygarage platform to verified drivers.
The platform is also open to fleet operators who have previously leased cars to drivers providing various mobility services.
The co-founder and CEO of envoi Logistics, Mr Sylvester Chude, said cooperating with OnePipe, a fintech infrastructure provider, would facilitate automatic payout settlements to vehicle owners and lending partners.
“Commercial transportation is a crucial service for the growth of any economy, and the role of technology and innovation is essential for its success in Africa,” Mr Chude said.
According to AfDB, commercial mobility in Africa is estimated to be $150 billion and should grow at 8.5 per cent between 2018 and 2023.
