By Sam Rakestraw a senior insurance analyst and content writer for Insurance Navy.
Moove has been making car ownership more accessible from their five Southwest Africa locations in Lagos, Cape Town, Accra, Johannesburg, and Durban since 2019. Now, they are pleased to announce the sixth location in Nairobi, which extends their services across the continent. Partnerships with Uber, Lori Systems, and Sendy made this possible for Moore.
These partnerships are necessary to expand lending services for vehicles besides cars. The lending cost in the country of Kenya is reportedly nearly double that of Southwest Africa -at least 20% to 30% more, to be exact. What’s more, the services Moove offers doesn’t take credit score into account. They specialize in an alternative credit system that drivers can use to have access to vehicles they otherwise would not.
Lori Systems and Sendy are e-logistics platforms for cargo transport and truck usage. Moove is looking to expand its service of vehicle financing to full-sized trucks, utility vehicles, and even motorcycles. Motorcycles are often used for services such as UberEats. More vehicles mean more job opportunities, Moore finds.
“Kenya already has a thriving mobility and entrepreneurial industry for us to tap into and roll out our financing solutions, so we’re very excited to be launching into Nairobi, our sixth market in 18 months. As one of the biggest economies across Africa, our move into Kenya serves as a gateway to other East African markets. We are excited to continue our expansion, having achieved over 50 percent plus a month-on-month growth since launch.” Moove CEO Ladi Delano said.
Moove’s services include Flexi-Rental, where drivers can pay a fee on a weekly basis to rent a new car to use for mobility services like Uber. Moove has partnered with Uber to get the best customer service. Drivers also have the option of a Drive-To-Own payment plan wherein they can fully own the car after three to four years. Exclusive to their Accra location, Moove offers a Work N Pay plan wherein drivers have a two-year payment plan to own a car. It’s these products that propelled Moove’s expansion after just over two years of operation.
Recently, within the last year, Moove launched their Xpress service in their Lagos location, wherein two-wheeled motorbikes can be financed. They plan to expand service to motorcycles at their new Kenya location. The partnership with Uber enables them to use their Xpress bikes for the delivery services of UberConnect and UberEats. This creates new opportunities for drivers at a time when the motorbike market isn’t as accessible.
“We’re offering flexible employment through revenue-based financing, thus empowering drivers and driving growth in Africa’s mobility industry, underlined by our commitment to ensure that 50 percent of our customers are female. The Uber, Sendy, and Lori System partnerships will also allow us to enter the market with a substantial range of products and services for mobility entrepreneurs to take advantage of by moving people, goods, and services,” Tayo Oyegunle, Moove’s chief operator.
In addition to the new services, Moove hopes that the new location will be a gateway to a more accessible market in East Africa. The goal of economic expansion and easing access to vehicles to those who depend on them remains Moove’s mission statement. Moove has received accolades for its work, including the IFC Corporate Award, which is given to companies that make impactful changes where they operate. Not only are vehicles accessible, but new jobs are created in the process.