UK commits N12bn to Nigerian start-up, Moove
The UK government’s Development Finance Institution (DFI) of the British International Investment (BII) has approved a $20m (N12billion) 4-year structured credit investment in Nigerian mobility fintech startup, Moove.
BII, formerly known as CDC Group, said the investment reflected its focus on mobilising capital to build self-sufficiency and market resilience in Nigeria and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.
The funding will enable Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset-ownership over a three to four-year period.
The announcement was made at a business reception co-hosted by the British High Commissioner in Nigeria, Catriona Laing CB, and the CEO of BII, Nick O’Donohoe, at the British deputy high commissioner’s residence in Ikoyi.
“BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth.
In his keynote speech, Nick O’Donohoe highlighted BII’s 74year history in Nigeria, from its first investments in 1949, in West African Fisheries and Cold Store to the organisation’s pioneering role in supporting Nigeria’s first private equity fund – African Capital Alliance Private Equity Fund I (CAPE I).
“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers,” He added.
Founded by serial entrepreneurs, Moove is democratising access to vehicle ownership by providing revenue-based vehicle financing and financial services to mobility entrepreneurs.
Co-Founder and co-CEO at Moove, Ladi Delano, said, “We’re incredibly proud to welcome onboard a worldclass partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.”