For Ghana’s mobility entrepreneurs, Moove executes a $8 million financing deal with Absa. The first mobility fintech in the world, Moove, has received $8 million in capital from Absa Corporate and Investment Banking (CIB), increasing its total funding from the bank to $28 million. This comes after Moove’s announcement in June 2022 of a $20 million funding line from Absa for its operations in South Africa. The new funding will be essential in supporting Moove’s growing fleet of vehicles in Ghana and advancing its ambition to democratize car ownership and create jobs in gig economies around the world.
With the help of its most recent finance, Moove will dramatically expand the number of brand-new, fuel-efficient Suzuki S-Presso cars in its fleet. These cars will be built in Ghana.
This not only creates a fresh pipeline of manufacturing jobs around Accra but also allows a large number of new clients to begin their entrepreneurial journeys with the business. The latest expansion is anticipated to accelerate Moove’s steady growth in Ghana, where the business has already provided over 2.7 million rides using vehicles it has financed and insured over 3,000 lives for its users and their dependents.
For Ghana’s mobility entrepreneurs, Moove executes a $8 million financing deal with Absa.
“We’re delighted to be strengthening our partnership with Absa, whose support has played a crucial role in accelerating Moove’s growth since becoming our first bank partner in 2022,” says Jephthah Datsomor, Moove’s country manager for Ghana.
Our most recent partnership not only affirms our shared commitment to advancing our local economies, but it also highlights the game-changing potential of making accessible, high-quality automobiles available to accomplish this aim.
There perhaps hasn’t been a more important time in recent years to invest in the potential of Ghana’s young people given the country’s current economic difficulties. In light of this, we’re pleased to be in an even better position to lower the obstacles to a wide range of employment prospects and strengthen Ghana’s developing mobility entrepreneur class.
Ladi Delano and Jide Odunsi created Moove in 2020, and over 21 million journeys have been taken in vehicles with Moove financing to date. In EMEA, the startup is also Uber’s top supplier of fleet vehicles.
As one of Africa’s largest financial services organizations, Ellen Ohene-Afoakwa, Managing Principal for Corporate and Investment Banking, Ghana, at Absa CIB, adds, “We have a huge responsibility to continue leveraging innovative technologies that will empower more people across the continent to bring their dreams and aspirations to reality.
Moove Collaboration to Help Ghana
Our collaboration with Moove has been a key factor in the success of this mission, providing gig economy workers in Ghana and South Africa with a flood of new options. We are looking forward to working with the Moove team in the future and using our local knowledge to help the company’s local stakeholders continue to receive enormous value.
Despite having the greatest rate of population growth in the world, Africa has the lowest per capita car ownership rate, with more than 1 billion people living there having little to no access to auto financing. However, Moove has emerged as the industry leader in the “mobility fintech” space as a member of a new generation of fintech companies with African roots. The company created this white space to solve the pressing issue of car financing in emerging areas worldwide and to enable mobility entrepreneurs to increase their effectiveness and success.