Moove, a Nigeria-founded mobility company, has exited the Nigerian market, transferring ownership of eligible vehicles worth over ₦35 billion ($26 million) to its customers. This move comes weeks after Uber's departure from Nigeria disrupted the ride-hailing ecosystem that underpinned Moove's local vehicle-financing business. The company, founded in 2020 by Ladi Delano and Jide Odunsi, provided vehicle financing to mobility entrepreneurs who struggled to access conventional credit.
Moove's exit marks the end of its six-year run in Nigeria, where it started with 76 vehicles in Lagos and expanded to 42,000 vehicles globally across 29 cities. The company's Nigerian business was built around the wider ride-hailing economy, with drivers using platforms like Uber to generate income needed to make vehicle payments. Uber's withdrawal removed the largest platform supporting Moove's model at scale, making it unsustainable for the company to continue operating in Nigeria.
Under a program called "Thank You Nigeria," Moove is bringing forward vehicle ownership for eligible customers, waiving scheduled payments from October 1, 2026. Customers must settle outstanding remittances accrued before that date and complete the ownership-transfer process. The vehicles being transferred are valued at over ₦35 billion, and the initiative aims to recognize customers who helped build Moove's Nigerian business and ensure the vehicles continue supporting their livelihoods.
Moove's exit follows Uber's decision to end its Nigerian operations after 12 years, significantly changing the ride-hailing market. The impact extends beyond drivers and passengers, affecting vehicle-financing companies, fleet operators, insurers, vehicle maintenance businesses, and other service providers that built businesses around the growth of app-based transport. Moove's experience demonstrates how closely some of these businesses were tied to the economics of major ride-hailing platforms.
Despite exploring alternatives, Moove ultimately determined that continuing in Nigeria was not economically sustainable. The decision is specific to Nigeria, and Moove continues to operate its international fleet, expanding into new mobility businesses, including autonomous vehicles. The company's global expansion has taken it far beyond its Nigerian roots, but Nigeria remains central to its history.
Moove's journey from 76 vehicles in Lagos to a global fleet of 42,000 vehicles ultimately ends in Nigeria, where it began. The company said its Nigerian operation provided the foundation for its international expansion. Over 9,000 customers have used Moove's Drive-to-Own and rental products in Nigeria, generating approximately ₦57 billion in revenue through Moove-financed vehicles.
For Nigerian drivers, Moove's departure means eligible customers will retain the vehicles they have been using, potentially turning what began as a financing arrangement into outright vehicle ownership. For Nigeria's mobility industry, Moove's departure represents another contraction of a sector that has already lost one of its largest international platforms, changing the competitive landscape for companies like Bolt and inDrive.
Key points
- Moove transfers $26 million in vehicles to eligible drivers as it exits Nigeria.
- The company's exit follows Uber's departure from Nigeria, disrupting the ride-hailing ecosystem.
- Moove continues to operate its international fleet, expanding into new mobility businesses.
