Moove, the globally renowned first mobility fintech, 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 suppliers of vehicles to 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.
What does the partnership mean mobility entrepreneurs?
Signed at the eighth Tokyo International Conference on African Development (TICAD) conference, the tri-party agreement is one of the first to involve an African fintech firm and will help leverage tech 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 financial services capabilities and Suzuki’s expertise in supplying durable, high performance and fuel efficient vehicles.
What is the market offering of Moove?
Launched in Lagos, Nigeria in 2020, Moove is a mission-led firm committed to empowering mobility entrepreneurs to be productive through offering vehicle financing and other services.
Moove 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. The MoU creates a framework for the parties to work closely together on solving 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.
To learn more about Moove, visit their website.