Moove has announced plans to conclude its operations in Nigeria six years after launching in the country just few weeks after Uber’s departure from the Nigerian market.
As part of its exit, the company said it will transfer full ownership of eligible vehicles worth approximately N35 billion to existing customers at no cost. The customers receiving the vehicles will own them outright, with no further payment required to Moove for the vehicles from October 1, 2026.
Moove was founded in 2020 by Ladi Delano and Jide Odunsi, initially to address the difficulty drivers faced in accessing vehicle financing. Through partnerships with platforms such as Uber, Moove finances vehicles that drivers use to earn income on ride-hailing platforms.
Moove’s Uber Connection
Moove’s relationship with Uber dates back to 2020, when the Nigerian-founded mobility fintech entered into a partnership with Uber to tackle one of the biggest barriers facing ride-hailing drivers in Africa: access to vehicle financing.
Under the partnership, Moove became Uber’s vehicle financing and vehicle supply partner in sub-Saharan Africa. It provides eligible Uber drivers with access to vehicles through flexible rental and drive-to-own arrangements, allowing them to repay over periods typically ranging from 24 to 48 months. Rather than relying solely on conventional credit histories, Moove used drivers’ performance and revenue data from ride-hailing platforms to assess their ability to repay.
When the partnership was launched, Uber described it as a way of lowering the barriers to car ownership and increasing earning opportunities for drivers across Africa.
Moove subsequently expanded its operations alongside Uber into markets including Ghana and South Africa. In Nigeria, its model included vehicles that drivers could access through weekly rental or drive-to-own schemes, with repayments linked to the income generated from driving. The company also worked with vehicle manufacturers and financiers to expand its fleet, including a major purchase of more than 5,000 Suzuki vehicles for drivers in Nigeria and Ghana.
In 2024, Uber led a $100 million Series B investment in Moove, valuing the company at about $750 million. The investment marked Uber’s first investment in an African company and underscored the strategic importance of Moove to Uber’s vehicle-supply and driver-financing ecosystem.
