The Development Finance Institution (DFI) of the British International Investment (BII) has approved $20m (N12billion) credit structured for four years to Moove, a transport fin-tech in Nigeria.
BII said the investment demonstrates its focus on mobilising capital to build self-sufficiency and market resilience in Nigeria, and to improve access to inclusive economic opportunities. All this, it said, is meant 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 74-year history in Nigeria: its 1949 first investments in West African Fisheries and Cold Store; and its 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 said.
Founded by serial entrepreneurs, including Ladi Delano, Moove is democratising access to vehicle ownership by providing revenue-based vehicle financing and financial services to mobility entrepreneurs.
“We’re incredibly proud to welcome onboard a world-class 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,” Delano said.