Moove to exit Nigeria following Uber's market departure

Moove, the Lagos-founded vehicle financing startup, is planning to exit the Nigerian market following the departure of its primary partner, Uber. Uber ceased operations in Nigeria on September 2, 2024, after a 12-year presence in the country.

Moove’s business model relied heavily on exclusivity with Uber, as the company used Uber’s trip data to monitor driver earnings and facilitate weekly repayments. The loss of this single data stream creates significant challenges for enforcing repayments when drivers work across multiple platforms like Bolt and inDrive.

In its announcement, Moove stated it will transfer ownership of eligible vehicles, valued at approximately N35 billion, to existing customers. Under this arrangement, qualifying customers will take full ownership of their vehicles with no further payments required after October 1, 2026. Co-CEO Ladi Delano noted that while Nigeria is where the company began, the exit marks a significant shift in its operations.