Nigerian Mobility Fintech Secures $ 20 Million from UK Development Finance Institution – Fintech Bitcoin News
A Nigerian fintech, Moove, recently secured a $ 20 million investment from British International Investment (BII). Moove said the funds would be used to democratize access to vehicle ownership in Africa.
Credit extended based on drivers’ performance and revenue analysis
The British International Investment Institution (DFI), British International Investment (BII), recently said it had invested $ 20 million in Nigerian mobility fintech Moove. According to a statement issued by the institution (formerly the CDC Group), the 4-year structured credit investment is a reflection of BII’s “focus on mobilizing capital to build self-sufficiency and market resilience in Nigeria.”
Launched in 2020, Moove, which reportedly aims to “democratize access to vehicle ownership in Africa,” is focused on providing revenue-based vehicle financing to mobility companies. According to a Fintech Futures report, Moove has given credit to drivers who were previously excluded from the financial system. The credit given is based on the drivers’ performance and income analysis.
Following the latest investment, Moove has raised $ 125 million so far this year and $ 200 million so far. According to Moove, the latest investment from BII will be used to provide fuel-efficient vehicles to be rented out to drivers.
“This will also alleviate one of the key obstacles to the development of ‘ride-hailing’ transport infrastructure in Nigeria’s commercial capital,” said the fintech firm.
British investment in Nigeria
The British High Commissioner to Nigeria, Catriona Laing, spoke at a recent event which also marked the name change from CDC Group to BII:
It is a pleasure to be in Lagos to mark the launch of British International Investment and to host Nick O’Donohoe during his visit to Nigeria. BII is an important part of the UK’s package of tools and expertise to help Nigeria build its investment pipeline and scale up infrastructure investment, in particular to achieve clean, green growth.
According to Laing, the launch of DFI represents a continuation of the UK’s partnership with Nigeria, which began 74 years ago, with investment in the West African fish and cold storage.
Nick O’Donohoe, CEO of BII, noted for his part that “investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s rich capabilities and expertise.”
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Photo credit: Shutterstock, Pixabay, Wiki Commons, Editorial Credit: Santos Akhilele Aburime
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