Nigerian mobility company Moove has announced its exit from the Nigerian market after six years of active service to the country’s mobility ecosystem, marking the end of a significant chapter in its journey.
Ladi Delano, co-founder, Co-CEO, and Advisory Board Chairman of Moove said Nigeria remained at the heart of the company’s history and growth.
While the development was not the outcome initially envisioned, the company’s departure reflects its obligation to honour its commitments, even when doing so comes with difficult and unpleasant consequences.
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Under the exit arrangement, eligible drivers will receive full ownership of vehicles worth more than ?35 billion ($23.3 million).
Vehicles financed through the platform have generated about ?57 billion ($38 million) in revenue, reflecting the scale of the company’s operations before its withdrawal.
Despite the challenging circumstances, the founders chose to keep their promise to drivers, ensuring they could take ownership of the vehicles they had worked towards acquiring, just as Moove had promised at the beginning of its journey.
The decision has been described as an incredible legacy of honour and impact, highlighting the founders’ commitment to keeping their word even amid adversity.
According to Moove, more than 9,000 customers have used its Drive-to-Own and rental products in Nigeria since its establishment, generating approximately N57 billion in revenue through Moove-financed vehicles.
Founded in 2020 in Lagos, Nigeria, by entrepreneurs Ladi Delano and Jide Odunsi to address one of the biggest challenges facing commercial drivers: limited access to vehicle financing.
By introducing a revenue-based financing model, the company enabled drivers to acquire vehicles for ride-hailing and other mobility services without having to pay the full purchase price upfront.
Beyond vehicle financing, Moove contributed to financial inclusion by using alternative credit-scoring technology to assess drivers based on their earnings and performance data.
This approach helped extend financing opportunities to mobility entrepreneurs who might otherwise have been excluded from conventional financial services. The company also created income-generating opportunities for drivers, helping them support their families while building towards ownership of productive assets.
Moove’s departure comes two months after it raised $250 million in a Series C funding round, achieving a valuation of $2.1 billion as it accelerates the next phase of its autonomous mobility ambitions.
According to the company, the funding will accelerate the growth of its autonomous vehicle business, including autonomous fleet ownership and the development of its robotics-first depot infrastructure known as “Nests.”
These facilities are designed to charge, service, maintain, and coordinate autonomous fleets for continuous operations. The investment will also support new international market launches.
Notably, Moove’s exit from the Nigerian market, also comes a month after Uber ended its 12-year presence in Africa’s ?most populous country.
Uber decided to wind down its Nigerian business after a review of operations, it said without disclosing further details on the reasons for the move.
Amid these exits, it is understood that competition in Nigeria’s ride-hailing market ?has intensified in recent years, with operators facing challenges including rising fuel costs, inflation and currency volatility that have increased operating expenses and put pressure on drivers and platforms.
Ultimately, Moove’s impact in Nigeria extends beyond the number of vehicles it financed. The company introduced an alternative approach to vehicle ownership, expanded access to financing for commercial drivers and supported the growth of ride-hailing services in Lagos.
Most significantly, the company’s contributions to the mobility ecosystem and the lives of its drivers will remain an important part of its legacy.