Moore, the Nigerian fintech company that provides financial assistance to vehicles and other automobiles across Africa has secured $20 million from the British International investment (BII). The investment comes with four years of structured credit investment.
The investment shows the interest of the British International Investment to build self-sufficiency and solid market resilience in Nigeria. It aims to enhance entry to economic opportunities.
Dignitaries that graced the fundraising event include the British high commissioner to Nigeria, Catriona Lang, the chief executive officer of BII, Nick O’Donohoe, and Ladi Delano, co-founder and co-CEO at Moove.
Insights From the Event
Speaking from the event, Lang, a co-host, established some key points about BII and its relevance in African countries, especially Nigeria. She said “BII forms an integral part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, particularly to achieve clean, green growth.
The launch of BII marks a continuation of this partnership, and we look forward to seeing BII’s support expand and diversify in Nigeria”. Likewise, Nick O’Donohoe said BII has been a part of Nigeria’s history for decades back. The organization began its investment plan with West Africa fisheries and cold stores in 1949.
He said, “BII investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise”.
The Call for Partnership
The partnership and investment will create job opportunities for several youths in Nigeria. It will serve as a starting point for interested persons in the journey of entrepreneurship regardless of their financial status. He also added the partnership program is gender-friendly and opens opportunities for women.
Ladi Delano, the CEO of Moove company says the fundraising will help to achieve the company’s mission to build the world’s largest integrated vehicle financial platform. He concluded by saying Moove aims to use technology to create a financial space to solve the unemployment issue affecting youths in Nigeria.
The final institution plans to buy and import fuel-efficient vehicles for drivers to earn a living and chain ownership of the vehicle between 3 or 4 years. The company uses a scoring system for eligible borrowers with zero credit records.
Moove is a Nigerian company that offers financial stability to automobile businesses. It has gained ground in six markets; Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan. Presently, it has three products which include cars, trucks, and motorbikes. This is not the first of the fundraising benefits the institution is receiving.