Moove Bows Out of Nigeria, Offers N35 Billion Vehicles to Customers

After a six-year stint in Nigeria, Moove, the mobility financing company founded in Lagos, has announced it is winding down its operations in the country. According to THISDAYLIVE, the firm will offer its over 9,000 customers full ownership of the vehicles, amounting to a whopping N35 billion. Moove’s decision comes after the exit of Uber from Nigeria. Though Uber’s departure is not explicitly stated as the reason for Moove’s decision, the timing suggests a possible connection. Business Post Nigeria and Bloomberg.com also reported the news of Moove’s exit, corroborating THISDAYLIVE’s report. While the exact reasons for Moove’s exit are not clear, it is worth noting that the ride-hailing market in Nigeria has been experiencing a shake-up in recent times, with several players either exiting or scaling down operations. This development raises questions about the long-term viability of the ride-hailing industry in Nigeria and the potential impact on customers, drivers, and investors.