Moove, the mobility financing company founded in Lagos, is exiting Nigeria after six years, citing the impact of Uber’s withdrawal on its business model and the unsustainable economics of continuing operations in the country.
The company announced its departure on Thursday, saying it had assessed available alternatives but concluded it could no longer sustain its Nigerian operations following changes in the ride-hailing market.
Uber, which provided the principal platform supporting Moove’s Nigerian business at scale, recently announced plans to discontinue its operations in the country.
In an interview with BusinessDay, Moove’s co-founder and Advisory Board Chairman, Ladi Delano, said Uber’s decision had significantly altered the operating environment for the company.
“Unfortunately, Uber’s departure materially changed the operating environment in Nigeria. We assessed the alternatives and the economics of continuing, and concluded that we could not sustain our Nigerian operating model. That was our decision, and we take responsibility for it,” Delano said.
Founded in Lagos in 2020 by Delano and Jide Odunsi, Moove provides vehicle financing to drivers and mobility entrepreneurs through rental and drive-to-own arrangements.
Its business model allows drivers to access vehicles for commercial operations, earn income and eventually acquire ownership of the cars.
However, the company’s dependence on Uber as its principal platform in Nigeria meant the ride-hailing giant’s exit significantly affected the viability of its operations.
The development underscores the challenges facing mobility businesses whose financing arrangements depend on the continued availability of ride-hailing platforms, consistent demand and sufficient earnings to cover vehicle-related costs.
Delano said Moove’s experience in Nigeria had reinforced the need to balance access to vehicle financing with the economic realities confronting drivers and the businesses financing them.
“Access to vehicle finance alone is not enough. The model must work for the mobility entrepreneur and remain sustainable for the businesses supporting them,” he said.
As part of its exit arrangements, Moove said it would transfer eligible vehicles worth approximately N35bn to customers currently using its drive-to-own and rental products.
The company said eligible customers would take full ownership of the vehicles without further payments to Moove for the vehicles themselves from October 1, 2026.
Moove also announced that its Nigerian employees would receive free cars in recognition of their contributions to building the business.
The company said the initiative, tagged “Thank You Nigeria,” was intended to recognise the customers, employees, partners and communities that supported its growth.
According to Moove, more than 9,000 customers have used its rental and drive-to-own products in Nigeria since its launch, while vehicles financed through the company helped generate approximately N57bn in revenue.
Delano said the decision to transfer the vehicles would allow customers to continue using them to earn a living after the company’s departure.
“We want those vehicles to continue supporting livelihoods and families long after this chapter of Moove’s operations concludes,” he said.
Despite its exit from Nigeria, Moove said it would continue its international operations, with about 42,000 vehicles across 29 cities globally.
The company also plans to expand its activities in autonomous mobility while maintaining its drive-to-own business in existing markets.
Delano said Nigeria would remain central to Moove’s history, having provided the foundation for its international expansion.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” he said.
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