African mobility fintech expands partnership with CFAO to facilitate access to brand new vehicles in Ghana and Nigeria
Accra, Ghana and Lagos, Nigeria – 10th February 2022: Moove, an African mobility fintech, has partnered with CFAO Motors, a department of CFAO Automotive, Africa’s largest automotive distribution network with a presence in 36 countries, and purchased over 5,000 brand-new, fuel-efficient Suzuki vehicles for its mobility entrepreneurs across Ghana and Nigeria. With deliveries already commenced, the alliance marks a major breakthrough in bridging the continent’s gap of new vehicles, and Moove is firmly positioned to rapidly expand its fleet, leveraging CFAO’s local presence and extensive network to accelerate the delivery of brand-new vehicles to customers keen to start their entrepreneurial journey with the company.
Moove, the exclusive vehicle financing and vehicle supply partner for Uber in sub-Saharan Africa, has amassed more than 50% month-over-month growth since launch and through its new agreement, will now be able to provide a range of Suzuki cars including the Alto, Swift, Celerio, Baleno, Dzire and S-Presso models across Ghana and Nigeria to strengthen its drive to provide new, fuel-efficient vehicles across Africa at scale. With the continent home to the lowest per capita vehicle ownership rate in the world, Moove’s flexible Drive to Own product is also set to provide prospective customers with an invaluable opportunity to work towards owning the vehicles in 30, 36 or 48 months by paying a percentage of their weekly income and have the ability to access other financial services through the Moove app.
Speaking on the new partnership, Ladi Delano, Co-Founder and CEO of Moove, comments, “Since our launch in July 2020, we’ve found tremendous traction across all of our markets and as we enter a new phase of growth, the importance of a local, pan-African supplier such as CFAO who can equip us to quickly respond to the needs of our customers simply can’t be understated. We’re especially proud to be working alongside the largest automotive distribution network in Africa and as a result of this, we’re now in an even stronger position to empower a new generation of successful and productive mobility entrepreneurs.”
Through its partnership with CFAO Motors, Moove can now provide cars to its customers more quickly, addressing the continued surge in demand from ride-hailing marketplaces. In order to address the environmental concerns surrounding the automotive sector, Moove has also made a commitment to ensure at least 60% of vehicles it finances are EVs or hybrid models. As a result of the agreement, Moove customers will also have access to after-sales support, including repairs and maintenance, enabling them to keep their vehicles in safe, top-quality condition for a longer lifespan.
Marc Hirschfeld, CEO of CFAO Automotive division says “CFAO is pleased to be part of this mobility partnership in helping to democratize vehicle ownership. We are convinced that prospective Moove customers will get the most out of their investment as the vehicles are easy to service and maintain. Suzuki is a key vehicle manufacturer we supply at the domestic CFAO dealership in many countries across Africa”.
Drivers can sign up to register their interest through Moove’s website and before accessing the vehicles, all drivers’ must have their details assessed and verified by Moove as well as undergo training before vehicles are assigned.
Co-founded in 2019 by serial entrepreneurs, Ladi Delano and Jide Odunsi, Moove is a mission-led company that’s committed to providing mobility entrepreneurs access to affordable vehicle financing and ensuring that 50 per cent of its customers are women. It also aims to ensure that at least 60 per cent of the vehicles it finances are electric or hybrid vehicles as part of its commitment to improving road safety and vehicle emissions on Africa’s roads. To date, Moove-financed cars have completed over 2.6 million trips with over 30 million kilometres travelled across 6 markets which include Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan.
In February 2022, Moove announced a $10m financing from NBK Capital Partners, bringing its total funds raised to date to $78m. To learn more about Moove and its mission to democratize vehicle ownership across Africa, visit: https://moove.africa/.