How moove can now lead to victory for Uber, its drivers and passengers | The Guardian Nigeria News

Sixteen days ago, Uber showed me its other face. It was shockingly not pretty. It was one of those days, days when the metropolis of Lagos found itself squeezed by the throat of ruthless traffic jams. I had ordered a ride, but what came up was definitely the dirtiest Uber in the world. At that point, as the decrepit automobile idled in front of me, Moove – the new car finance company – started to make a lot more sense, especially for situations like the one I just found myself in. to regain.

You see, Moove has always justified its existence by its intention to help more Nigerians acquire new cars. Why does he want to do this? Because research has shown that Nigerians don’t buy new cars.

Why didn’t Nigerians buy new cars? Was it because Nigerians were allergic to the intoxicating smell of new cars? Oh no, nothing like that.

Nigerians weren’t buying new cars because Nigerians, like millions of other Africans, just couldn’t afford the full cost of a new car up front. Now, if you look at the statistics proving this fact, you might be so surprised that you might think that some evildoer has used the numbers to engage in great racial disparagement.

According to the findings of research firm Modor Intelligence, less than one percent of global car sales are in Africa. In 2019, for example, the number of new cars sold in the United States alone was 17 million. But right here in Africa, with a population of over a billion, not all new cars bought across the continent were as many as a million.

So Ladi Delano and Jide Odunsi, two Nigerian businessmen who previously worked in the health and media sectors, reflected on the problem. They thought to themselves: why not check out what tech company could be launched to lift the obscene barricade that could prevent Africans from enjoying this hypnotic pleasure of a new car smell.

Delano said people are not buying cars “because there is no access to finance”. What “drives mobility” in economies as large as the UK and the US, he told TechCrunch, is that “you have funding in most parts of the world. developed when trying to buy a car ”.

So, Moove launched with what has now become a widely acclaimed business model. It would help Africans buy new cars, starting with ‘mobility entrepreneurs’, aka taxi drivers, aka Uber drivers.

Moove has become Uber’s official vehicle financing and procurement partner in sub-Saharan Africa. Moove would provide financing to drivers at a rate much lower than that offered by banks. The loans would last up to five years, with weekly repayments being directly deducted from drivers’ income, which would be tracked directly on the Moove app.

Proof of the idea that this is obvious, Moove, which officially opened in June 2020, blew up the door, fueled by a funding round of $ 5.5 million. One of its early stage investors is the legendary Iyin Aboyeji, co-founder of Flutterwave – the fintech unicorn – and Venture Africa – a pan-African investment firm.

As of August 2021, Moove had raised an additional $ 23 million in Series A and $ 40 million in debt financing. Today, Moove, powered by its partnership with Uber, has expanded beyond Lagos to Accra, Johannesburg and Cape Town. He pledged to continue to go deeper into the continent.

But was I thinking of one of Moove’s jaw-dropping continental races 16 days ago before cautiously and reluctantly seated myself in the world’s dirtiest Uber? No.

In fact, I was dressed to perfection in a dark blue suit, standing in shiny black shoes, eagerly awaiting a corporate bum night. A few onlookers might have said that I looked like a million bucks and as you would expect from anyone who looked like a million bucks, the original plan was for me to get to where I was headed… what do- they repeat… style.

But then again, thanks to a chain of Friday night traffic jams through Lagos, trips were scarce and beggars could not choose, especially when the beggars in question had given up on any idea of ​​driving themselves due to the devitalizing traffic jams. aforementioned.

Thirty minutes later, after ordering the ride, a 2006 Toyota Avensis pulled up in front of me and the thing may have been washed in dirt.

Inside, a black plastic bag, glistening with fried oil, lay tight against the driver’s armrest. Also, there was ragged carpet, obviously unwashed gray upholstery, and dust. Thank goodness for the masks.

This ride was a shame as I had always associated Uber with consistent quality – courteous drivers, washed cars, punctual arrivals. Finding myself in the Uber Uber’s universe was totally disorienting. It made me now evaluate the new clean cars in the Uber fleet and how they have become.

So I interrupted my sad Uber trip halfway, because no one should ever have to pay for their own mistreatment.
I called another Uber. In about 10 minutes he found me. It was a 2015 Toyota Corolla. Almost immaculate inside and out. “Nice car,” I say to the driver.

“Oh, thank you,” he said.
I moved inside. Took a few selfies for WhatsApp status. “Is this your personal car? ” I said.
The driver, a young thirty-something, slowly shook his head. – Uh, well, he said. “It’s a motivation to have. “
“Lead to own!” Nice… from Uber? “
“No. There is this company called Moove.
“Get moving. I know Moov. Interesting.”
“Yeah.”
“Do you mind telling me how much you got?” “
“Five point two M.”
“For real? How long do you have to pay for this?”
“I chose three years.
“Wow. It’s daring!

This man would have to work hard to pay off the 5.2 million naira in three years, but he’s an entrepreneur, isn’t he? An entrepreneur is nothing but a person with a plan.

Here’s the thing, though: It’s one thing to write, or read, about new startups that take bold action. It is quite another to feel the impact of such start-ups in real life.

Sixteen days ago, after two back-to-back but hugely disparate car trips on the same rideshare app, I couldn’t have felt Moove’s pioneering program any stronger than I have.

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About Mitchel McMillan

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