IFC considers investment in Uber fleet manager

Moove Africa could receive an IFC investment of up to $30 million comprising of: (i) an A loan of up to $10 million for IFC’s own account to finance the company’s expansion in Nigeria; (ii) a Managed Co-Lending Portfolio Program loan of up to $10 million; and (iii) Syndicated B/Parallel loans of up to $10 million from one or more development financial institutions.

Moove is leading a project to source, operate and maintain a fleet of vehicles for access to drivers, as Uber’s exclusive fleet manager in sub-Saharan Africa (outside of South Africa). Uber is the largest e-hailing company in the world. Moove runs flexible rental and lease models with partnering drivers who will have the ability to own the vehicles after agreed tenures.

Moove was incorporated in the Netherlands in 2019. It is 100% owned by 3 Nigerian founders – Jide Odunsi, Oladipo Delano and Iyinoluwa Aboyeji – who also sit on its board. The company is expected to have new minority investors by the time of IFC’s investment.

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