Business News: Uber’s Financing Partner Moove Raises R340 Million to Finance African Uber Drivers

Business News: Uber’s Financing Partner Moove Raises R340 Million to Finance African Uber Drivers

  • An Uber financing partner called Moove has raised over R340 million to expand its operations to finance drivers in Africa
  • The company will focus its efforts on financing mostly hybrid and electric vehicles, however, the company is not against financing other types of cars
  • Potential car owners will be assessed on their ability to drive and how much they make a week before being approved for a loan

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A mobility fintech company called Moove has raised more than R340 million to help finance cars for Uber drivers in Sub-Saharan Africa.

According to Yahoo Finance, Moove is a car financing company that aims to install a credit-scoring mechanism for ride-hailing and logistics platforms such as Uber. This mechanism will help the company get data on potential drivers who may be in need of financing.

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Uber’s Financing Partner, Moove, Raises R340 Million, own cars, Africa, Ghana, Nigeria, South Africa, Sub-Saharan Africa
Uber drivers in Africa will now have the opportunity to own cars thanks to financing company Moove. Image: Smith Collection/Gado
Source: Getty Images

The data collected will include the number of car rides a driver completes which will help determine how much a driver makes a week. The company will also collect data on the drivers' driving capabilities. This information allows the company to decide whether or not a driver would be financed within five days.

Moove first launched in four cities in South Africa and Ghana which allowed the company to raise enough funds to expand its operations to other parts of Africa. Moove co-founder Ladi Delano stated the company will focus their financing on mostly hybrid cars or electric vehicles, according to a report by Fin24.

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"One of our commitments is to ensure that 60% of all the cars we finance are either electric vehicles (EV) or hybrid cars," said Delano.

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Delano also added that the company also had plans to launch its first fleet of electric vehicles in Ghana, South Africa and Nigeria. Moove has partnered with Toyota in the countries it operates in and in Ghana, it has partnered with Volkswagen.

Drivers who seek financing will be required to pay 5% of the vehicle's value as a deposit first and are given the option of repaying their loans over 24 to 48 months. The company will also offer financing at interest rates of 8% to 13%.

The company hopes to expand its operations to the financing of buses and trucks by the end of the year.

Smartphones the most forgotten items in Uber cars

Briefly News previously reported that in modern-day South Africa, almost everything is done digitally, from ordering food to buying household items such as furniture or television sets.

But there’s another digital advantage, the one when you just have to open a mobile phone application and book a ride, either for a bus or taxi.

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It’s called Uber and this time around, we take a look at what are the most valuable items that are commonly forgotten by Mzansi riders. Hypertext has issued a list of items that South Africans leave behind after reaching their destinations, which includes cellphones, keys, headphones and, less commonly, groceries.

While things are quite normal locally, Uber says globally it has seen reports of a lost tooth, hair bonnets and even frozen meat being left behind.

Source: Briefly News

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