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The Development Finance Institution (DFI) of the UK government in collaboration with the British International Investment (BII) has announced the approval of a $20m (₦ 12 billion) 4-year structured credit investment in Nigerian mobility fintech start-up known as Moove.
BII, formerly known as CDC Group, revealed that the investment reflected its focus on mobilising capital to build self-sufficiency as well as market resilience in Nigeria and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.
The funding is expected to be utilised by Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset-ownership over a three to four-year period.
This announcement came at a business reception co-hosted by the British High Commissioner in Nigeria, Catriona Laing CB, and the CEO of BII, Nick O’Donohoe, at the British deputy high commissioner’s residence in Ikoyi.
‘BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth.’
In his keynote speech, Nick O’Donohoe highlighted BII’s 74-year history in Nigeria, from its first investments in 1949, in West African Fisheries and Cold Store to the organisation’s pioneering role in supporting Nigeria’s first private equity fund – African Capital Alliance Private Equity Fund I (CAPE I).
‘I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers,’ He added.
Founded by serial entrepreneurs, Moove is democratising access to vehicle ownership by providing revenue-based vehicle financing and financial services to mobility entrepreneurs.