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Home Business StartUPs

Moove, MUFG and Suzuki Ink Deal on Financial Inclusion for Mobility Gig Workers

by Joan Aimuengheuwa
August 30, 2022
in StartUPs
0
UBA
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Moove, the world’s first mobility fintech, has announced the signing of a Memorandum of Understanding [MoU] with MUFG, one of the world’s leading financial groups and Suzuki, one of the world’s leading manufacturers of vehicles for mobility businesses. 

Through this MoU, Moove, which provides revenue-based financing to mobility entrepreneurs, aims to advance financial inclusion and job creation as well as upskilling opportunities in the sector.

Signed at the eighth Tokyo International Conference on African Development [TICAD] conference, the tri-party MoU is an important milestone for African fintech and underscores the opportunity to leverage technology to improve the livelihoods of millions of people in emerging markets. 

Moove’s alternative credit scoring technology will enable access to vehicle financing to mobility entrepreneurs, backed by the strength of MUFG’s global network capabilities and Suzuki’s expertise in manufacturing durable, high performance and fuel efficient vehicles. The MoU creates a framework for the parties to work closely together.

Launched in Lagos, Nigeria in 2020, Moove is a mission-led company committed to empowering mobility entrepreneurs to be productive and successful through providing access to vehicle financing and other financial services. 

The mobility fintech startup has since scaled to seven markets across sub-Saharan Africa and six markets in MENA, Asia and Europe, and its customers have completed over 7 million trips in Moove-financed vehicles. 

Moove is also working to solve other challenges in mobility, including providing access to finance for more female customers as well as improving road safety and training support for mobility entrepreneurs.

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  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

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Tags: Moove AfricaMUFGSuzuki
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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