Moove, the global mobility fintech company, has ended operations in its home market of Nigeria, one month after Uber announced its exit from the country.
Founded in 2020 by Jide Odunsi and Ladi Delano, Moove offered revenue-based vehicle financing and a “drive-to-own” model for ride-hailing, logistics, and delivery drivers. The company said Uber’s departure fundamentally changed Nigeria’s ride-hailing market and undermined its vehicle-financing model.
Drivers currently operating eligible Moove-financed vehicles will receive full ownership of their cars, with no further payments required. The vehicles are collectively worth about ₦35 billion (approximately $26 million). Moove will also give each of its Nigerian staff members a free car.
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From Nigeria to the World
While based in Lagos, Odunsi and Delano saw growing demand for mobility and ride-hailing services but felt the industry wasn’t scaling fast enough. They identified a key barrier: drivers in the gig economy rarely qualified for traditional credit or bank loans to buy cars. Moove was their answer—a mobility fintech company offering revenue-based vehicle financing.
Their business model let drivers pay for vehicles with daily or weekly earnings instead of large upfront payments. All they needed was an active, verified account on a partner marketplace like Uber or Bolt. Their performance ratings and earnings served as alternative credit scores.
“More than 9,000 customers have used our Drive-to-Own and rental products in Nigeria. Their work generated approximately ₦57 billion in revenue through Moove-financed vehicles,” Delano said.
Related post: Uber Shuts Down in Nigeria and Uganda Amid Global Restructuring
The Changing Economics of Ride-Hailing in Nigeria
Uber was Moove’s primary ride-hailing platform partner, so its exit made Moove’s model unworkable. Uber cited global restructuring and a review of business priorities as the reason. However, other pressures played a part.
Operating conditions in Nigeria have worsened. Higher fuel costs, rising inflation, and currency volatility have hit the ride-sharing sector hard. The removal of the country’s petrol subsidy has made ride-hailing increasingly expensive, forcing Uber to rethink its unit economics.
Related post: Uber-backed Nigerian Startup Moove has Acquired Brazil’s Kovi
The Future of Moove
Although Moove has closed its Nigerian vehicle-financing operation, it has expanded rapidly worldwide. In December 2024, Moove partnered with Alphabet’s autonomous vehicle company, Waymo. Under the agreement, Moove oversees fleet operations, charging infrastructure, and robotics-first depot setups. Operational implementation launched in Phoenix before scaling to Miami. Moove then acquired Brazilian mobility startup Kovi in 2025, followed by Japan’s Tokyo Taxi in 2026.
In August of this year, Moove raised $250 million in Series C funding to accelerate its autonomous vehicle business. This funding round lifted its valuation to $2.1 billion, officially cementing its status as a Unicorn.
Now headquartered in Dubai, Moove operates about 42,000 vehicles across 29 cities worldwide. Having left Nigeria, the African unicorn is poised to expand further as it moves into autonomous vehicle management.
Main Image: Moove Founders Jide Odunsi and Ladi Delano.
