Mobility and vehicle-financing company Moove is ending its operations in Nigeria, six years after it was founded in Lagos, in a development that raises fresh questions about the future of the country’s ride-hailing and vehicle-financing market.
The company announced on Thursday, October 8, that eligible customers would receive full ownership of vehicles valued at approximately ₦35 billion without further payments to Moove for the vehicles themselves.
Founded in 2020, Moove built its business around helping drivers access vehicles through financing and drive-to-own arrangements. The model gave mobility operators an opportunity to earn income while working towards vehicle ownership.
Uber’s Exit Adds to Market Pressure
Moove co-founder and co-CEO Ladi Delano said Uber’s departure from Nigeria had significantly affected the company’s operating model. According to a report by BusinessDay, the company reviewed its options and concluded that continuing its Nigerian operations was no longer sustainable.
Moove’s withdrawal follows Uber’s reported exit from Nigeria in September, adding uncertainty for drivers, vehicle owners and other businesses that depend on digital ride-hailing platforms.
The vehicle transfer could benefit eligible customers by giving them full ownership of the cars they currently operate. However, the wider impact on drivers and the mobility industry will depend on the alternatives available to them and the ability of other operators to meet demand.
Meanwhile, ProTaxi is emerging as a new entrant in Nigeria’s e-hailing market, although its ability to fill the gap left by departing companies remains to be seen.
Monafrika’s Take
Moove’s exit highlights the challenges facing businesses that depend on partnerships, vehicle financing and ride-hailing platforms. The transfer of vehicles offers some immediate benefit to eligible customers, but drivers and passengers will be watching to see whether new operators can provide reliable services and sustainable earning opportunities.
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