Africa Automotive July-August issue 2022

News
July-August issue l 2022
Moove signs agreement with MUFG and Suzuki to promote
financial inclusion for Mobility Gig Workers across Africa
Moove, the world’s first
mobility fintech, has
announced the signing
of a Memorandum of
Understanding [MoU] with MUFG,
one of the world’s leading financial
groups and Suzuki, one of the world’s
leading suppliers of vehicles to
mobility businesses. Through this MoU,
Moove, which provides revenue-based
financing to mobility entrepreneurs,
aims to advance financial inclusion
and job creation as well as upskilling
opportunities in the sector.
Signed at the eighth Tokyo
International Conference on African
Development [TICAD] conference, the
tri-party agreement is one of the first
to involve an African fintech company
and underscores the opportunity to
leverage technology to improve the
livelihoods of millions of people in
emerging markets. Moove’s alternative
credit scoring technology will
enable access to vehicle financing to
mobility entrepreneurs, backed by the
strength of MUFG’s financial services
capabilities and Suzuki’s expertise in
supplying durable, high performance
and fuel efficient vehicles.
Launched in Lagos, Nigeria in 2020,
Moove is a mission-led company
committed to empowering mobility
entrepreneurs to be productive and
successful through providing access to
vehicle financing and other financial
services. Moove has since scaled to
seven markets across sub-Saharan
Africa and six markets in MENA, Asia
and Europe, and its customers have
completed over 7 million trips in
Moove-financed vehicles.
The MoU creates a framework for the
parties to work closely together on
solving other challenges in mobility,
including providing access to finance
for more female customers as well
as improving road safety and training
support for mobility entrepreneurs.
NADDC, Africar unveil Nigeria-Assembled Mini-cars for Taxi Services
Vasco Technology Solutions
Limited, popularly known as
Africar, in partnership with
the National Automotive
Design and Development Council
(NADDC), has introduced a new ridehailing
service to ease transportation
difficulties across the country.
Reports indicate that no fewer than
115 Nigeria-assembled mini-cars have
been launched by the Minister of Trade
and Industry, Otunba Niyi Adebayo, for
shuttle services in Ibadan, Oyo State
capital.
8 Africa Automotive News l 2022
Africar, operating under a
conglomerate known as Stallion Group,
is a platform that has the potential to
transform the transportation industry
by providing both employment
opportunities and low-cost rides.
Speaking during the launching, the
director-general of the National
Automotive Design and Development
Council (NADDC), Jelani Aliyu, said the
launching of the mini-cars, which is of
international standards, is, therefore a
step in the right direction.
Aliyu, represented by the Director,
Industrial Infrastructure Department,
Dr. Nua Omisanya, said the Council
had worked tirelessly to ensure the
survival and growth of the Nigerian
automotive industry, with a view to
enhancing the industry’s contribution
to the national economy.
According to him, the newly introduced
mode of transportation will enhance
basic mobility for all, including
visitors, easing mobility for students,
workers and communities from various
suburban areas to the city centre.
“NADDC continues its unwavering
dedication to the support of local
automotive production, and also
continues to promote some of the
latest technologies being developed,”
he added.
Also speaking, the chief executive
officer (CEO), Africar, Sahil Vaswani,
said all the cars being used for the
project were assembled at Stallion
Group’s Von Plant in Lagos.
He added that the company and
NADDC developed the Bajaj Qute cars
purposely for the new ride-hailing
taxi for Nigeria and would be taken
to other states in the country, after
Ibadan.
He said: “This car is assembled
in Nigeria by Nigerians and is
environmentally friendly, with 50 per
cent lower carbon emissions than the
average car.”