Have you noticed the series of brand new Suzuki celerio cars plying Lagos roads, more especially on the Island?
A few months back, African Mobility Fintech Company, also called Moove, partnered with CFAO Motors, to acquire more than 5 000 new Suzuki Celerio vehicles across Ghana and Nigeria.
It is a joint scheme between Suzuki and Uber.
Do you know that over 40% of Africa’s 1.4 billion population live in urban areas with accessible roads but car ownership is less than 44 cars per 1,000 people (compared to 816 vehicles per 1000 people in the US). Do you also know that vehicle finance accounts for fewer than 5% of cars purchased in Africa (compared to 92% in Europe)?
Moove may have started in Lagos, but the firm understands it is solving a global problem and is spreading its wings to reflect that. After operating for two years in the African market, Moove expanded this year into the MENA region through a partnership with SWVL, an Egyptian ride-hailing company. More recently, the startup expanded into India and London as part of its efforts to provide affordable vehicle financing to mobility entrepreneurs, including ride-hailing and e-logistics players.
Moove is gradually penetrating the car-hailing market by partnering with Uber. In every 10 Suzuki cars you see on the road, 7 of them belong to Moove.
Moove is pushing for reduced emissions and efficient mobility in all its markets. In African markets like Nigeria and Ghana, Moove finances new fuel-engine cars that offer a better experience than the standard “tokunbo” imports from Western countries. Comparatively, in the UK, Moove operates an entire fleet of brand-new electric vehicles offered to mobility entrepreneurs at a weekly flat rate and no upfront cost.
Since its inception, Moove has enabled a sustainable path for gig workers and mobility entrepreneurs to own new cars within four years. The company is attempting to solve the impossible task of automobile financing in the African market.
Alot of people , especially the unemployed Nigerians who have no money have been empowered through this scheme.
A few days ago, one of the drivers and beneficiary of Moove revealed why a lot people are rushing them. Explaining, he said one of the factors that has made the product a sought-after is the mode of repayment which is simple and easy.
Another reason is that, all of their cars are insured. If there is any accident, the insurance company will come in, possibly to replace the car if necessary.
Moove says it is “firmly positioned to rapidly expand its fleet”, leveraging CFAO’s local market presence “to accelerate the delivery of brand-new vehicles to customers keen to start their entrepreneurial journey with [Moove]”.
Moove’s Drive-to-Own initiative allows prospective Uber drivers the opportunity to work towards owning their vehicles in either 30, 36 or 48 months, by paying over a percentage of their weekly income. They can also access other financial services through the Moove app. Africa has the lowest per capita vehicle ownership rate in the world.
“Since our launch in July 2020, we’ve found tremendous traction across all of our markets and as we enter a new phase of growth, the importance of a local, pan-African supplier such as CFAO that can equip us to quickly respond to the needs of our customers simply can’t be understated,” says Moove CEO, Ladi Delano.
As a result of the agreement, Moove customers will also have access to after-sales support, including repairs and maintenance. In order to address the environmental concerns surrounding the automotive sector, Moove has also made a commitment to ensure that at least 60% of the vehicles it finances are electric vehicles or hybrid models.
The vehicle is equipped with dual SRS airbags for both driver and passenger. Its high tensile steel body is Suzuki’s TECT (Total Effective Control Technology), which helps protect the cabin in the event of a collision by efficiently absorbing and dispersing energy,”
During an emergency braking situation, the anti-lock brake system (ABS) keeps the tyres from locking. The electronic brake-force distribution (EBD) optimally distributes front and rear braking forces to help stably stop the vehicle. Furthermore, the Suzuki S-Presso is equipped with reverse sensors to avoid collision with obstacles and protect pedestrians.
These factors have undoubtedly made this particular Suzuki model a formidable competitor in the automobile market. The CFAO Group continues in its business of distributing renowned brands in Nigeria and the African continent at large.
Another goal is for 50% of its customers to be women.
To date, Moove-financed cars have completed more than 2.6 million trips with over 30 million kilometers travelled across six markets, including Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan.
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