JUST IN: Nigerian Mobility Company, Moove Offers N150,000 to Subsidise Fuel Costs For Drivers

Nigerian Mobility Company, Moove Offers N150,000 to Subsidise Fuel Costs For Drivers

Nigerian Mobility Company, Moove Offers N150,000 to Subsidise Fuel Costs For Drivers

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Moove, the Nigerian tech-driven mobility company, has embarked on a scheme to help drivers cushion the effect of hardshipThe company announced the launch of its Cares Programme to offer N150,000 as a subsidy to driversThe firm said that the move is by its plans to ease the pains of Nigerians and drivers across the country

Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

A Nigerian mobility fintech company, Moove, has announced the launch of its Cares Scheme to help ease the strain of subsidy removal on transport companies.

The scheme will offer fuel palliatives and other benefits totalling over N150,000 per driver to ease the impact of high fuel prices and increasing food prices, especially during the critical periods of Easter and Ramadan celebrations.

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Mooves to fund drivers with N150,000Nigerian mobility firm gifts N150,000 fuel subsidy to drivers, transporters
Credit: kali9
Source: Getty Images

Moove reveals the reason for the Cares Programme

BusinessDay reports that the company’s regional managing director for Nigeria, Taiwo Ajibola, stated that the company is embarking on the move as a listening organisation.

He said:

“As a listening organisation, we understand from our customers’ feedback the pressing need for support amidst the ongoing cost of living crisis affecting fuel and food prices. Our Moove Cares program is our small way of providing much-needed support to our customers amidst this extremely challenging economic environment.”

The scheme will impact 80,000 customers

Moove has helped to democratise access to financial services for mobility entrepreneurs and transport companies.

Moove has a presence in 9 markets around the globe, has facilitated over 30 million trips globally, and has impacted the lives of 80,000 of its customers and their dependents.

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The company said:

“As Nigeria navigates through turbulent economic times, the campaign stands as a lifeline for Moove’s customers, further solidifying the firm’s position as a socially responsible leader in the mobility fintech sector. Through this comprehensive support package, Moove reaffirms its dedication to fostering a resilient and thriving community capable of overcoming the current economic challenges.”

Moove secures juicy deals

In 2022, the Nigeria-based Africa mobility fintech firm Moove secured over N43 billion in new funding to give vehicle financing to drivers of ride-hail companies like Uber and gig networks in seven new frontiers across the Middle East, Africa, Asia and Europe in the next six months.

This comes after the start-up got N4.15 billion in February 2022 and another N9.5 billion in August 2021, Henzodaily.ng reported

The company stated that the funds would give freelancers in other vehicle categories, like tricycles and buses, the needed leverage to accelerate their businesses.

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Moove stated that the funds would give its freelancers in other vehicle categories, like tricycles and buses, the needed leverage to accelerate the businesses.

Top funders

The latest funding was led by investors such as Speedinvest and Left Lane Capital. Other VCs include AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.

The financing will allow the start-up to grow across its present markets and move into new markets outside Africa. What founders are saying Co-founder and CEO of Moove,

Ladi Delano said the start-up has provided financial independence through vehicle ownership for some of their customers who have finished the programme in different markets.

Moove is among the top Nigerian startups with the highest funding in 2023

Henzodaily.ng reported that 2023 could be described as one full of ups and downs for Nigerians who have endured hardship.

Despite enormous economic issues, 10 Nigerian startups, including Moove, Sabi, and FairMoney, have proven that they are unshaken by the storm by raising $245 million to expand their operations.

Source: Henzodaily.ng

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