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FCS Moove

Sector: Automotive • Location: Nigeria

Source: International Finance Corporation (IFC)

Project
Active

Moove Africa (the “company”) is a Nigeria based company that was selected by Uber as its exclusive fleet manager in Sub-Saharan Africa (outside of South Africa). The company was launched in Lagos in June 2020 and by March 2021, Moove cars had completed 430,000 trips.Moove contracts with individuals (the “Drivers”) as independent contractors who lease cars to provide transportation services to end-

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The project “FCS Moove” is an infrastructure initiative in the Automotive sector, located in Nigeria. Taiyo aggregates data on it from International Finance Corporation (IFC).

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Description

Description

Moove Africa (the “company”) is a Nigeria based company that was selected by Uber as its exclusive fleet manager in Sub-Saharan Africa (outside of South Africa). The company was launched in Lagos in June 2020 and by March 2021, Moove cars had completed 430,000 trips.Moove contracts with individuals (the “Drivers”) as independent contractors who lease cars to provide transportation services to end-users on the Uber platform, through three main distinct products: (i) Moove Flexi-Rental; (ii) Moove 36 Months Drive-to-Own (DTO); and (iii) Moove 48 Months DTO. As an Uber partner, the company then collects the gross earnings from transportation services provided and pays the drivers the balance of their obligations. The contract establishes required minimums for trips and revenue, among others. IFC is considering a debt investment of up to US$ 30 million to finance part of the company's business plan in Lagos, including the purchase of additional vehicles to increase Moove’s current fleet from about 600 to about 2,000 vehicles (the “Project”).

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High

Data quality score

100%

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