Nigerian Mobility Fintech Secures $20 Million From British Development Finance Institution – The Nigerian mobility fintech company Moove has announced a $20 million investment from the British development finance institution (DFI), British International Investment (BII). The institution, which was formerly known as the CDC Group, said in a statement that the 4-year structured credit investment reflects its “emphasis on mobilizing capital to build self-sufficiency and market resilience in Nigeria.”
Moove, a 2020 startup that purportedly seeks “to democratize access to vehicle ownership in Africa,” focuses on giving mobility companies revenue-based vehicle financing. A Fintech Futures report claims that Moove has been providing loans to drivers who were previously shut out of the financial system. Based on the drivers’ performance and revenue statistics, the credit was granted.
Following the most recent investment, Moove has now raised $200 million and $125 million overall this year. The most recent investment from BII, according to Moove, will be used to buy fuel-efficient vehicles that will be leased to drivers. The development of “ride-hailing” transportation infrastructure in Nigeria’s commercial capital would also be made easier as a result, according to the fintech company.
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At a recent event that also celebrated the rebranding of CDC Group to BII, Catriona Laing, the British high commissioner in Nigeria, said:
“It’s a joy to welcome Nick O’Donohoe to Lagos to celebrate the opening of British International Investment and to welcome him to Nigeria. In order to help Nigeria improve its investment pipeline and scale up infrastructure investment, in particular to achieve clean, green growth, BII plays a significant role in the UK’s package of tools and experience.”
According to Laing, the establishment of the DFI continues the British government’s partnership with Nigeria, which dates back 74 years to the purchase of the West African Fisheries and Cold Store.
According to BII CEO Nick O’Donohoe, investing in the prosperity of Nigeria’s expanding population necessitates the formation of new, creative partnerships that can make use of the nation’s rich resources and knowledge.