Moove Signs MoU with MUFG and Suzuki to Promote Financial Inclusion for Mobility Gig Workers Globally

Moove, the world’s first mobility fintech, 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 manufacturers of vehicles for 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.

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Signed at the eighth Tokyo International Conference on African Development [TICAD] conference, the tri-party MoU is an important milestone for African fintech 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 global network capabilities and Suzuki’s expertise in manufacturing durable, high performance and fuel efficient vehicles. The MoU creates a framework for the parties to work closely together.

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. Moove is also working to solve 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.

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Moove is an African-born global start-up and the world’s first mobility fintech, providing revenue-based vehicle financing and financial services to mobility entrepreneurs. By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove uses proprietary performance and revenue analytics to underwrite l**** to drivers that may have previously been excluded from financial services. Backed by some of the world’s leading investors, Moove has raised over $200 million to date, and its customers have completed over 7 million trips in Moove-financed vehicles. With a commitment to ensuring at least 60% of its fleet is hybrid and electric vehicles and that 50% of its customers are women, Moove is a mission-led business that puts impact at the core of its growth. Moove was recently awarded the IFC’s Annual Corporate Award as one of the top 20 most impactful and transformational projects, applying an innovative and scalable solution towards a global problem.

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