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 cost of continuing operations in the country.
The company announced its decision on Thursday, saying it had assessed available alternatives but concluded that it could no longer sustain its Nigerian operations following changes in the ride-hailing market.
Uber, which served as the principal platform supporting Moove’s business at scale in Nigeria, recently announced plans to discontinue its operations in the country.
Speaking in an interview with BusinessDay, Moove co-founder and Advisory Board Chairman, Ladi Delano, said Uber’s decision had significantly altered the company’s operating environment.
“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.
The model enables drivers to access vehicles for commercial use, generate income and eventually acquire ownership of the cars through agreed payment arrangements.
However, Moove’s reliance on Uber as its principal platform in Nigeria meant that the ride-hailing company’s planned departure significantly affected the viability of its operations.
The development highlights the challenges facing mobility financing businesses whose operations depend on the continued availability of ride-hailing platforms, steady demand and drivers’ ability to earn enough to meet vehicle-related costs.
Delano said the company’s experience in Nigeria had reinforced the importance of ensuring that vehicle financing models remained commercially viable for both drivers and the businesses supporting 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 valued at approximately N35 billion to customers using its drive-to-own and rental products.
According to the company, eligible customers would take full ownership of the vehicles without making further payments to Moove for the vehicles themselves, effective October 1, 2026.
The company also announced plans to give cars to its Nigerian employees in recognition of their contributions to building the business.
The initiatives form part of what Moove described as its “Thank You Nigeria” programme, aimed at recognising the customers, employees, partners and communities that supported its growth.
Moove said more than 9,000 customers had used its rental and drive-to-own products in Nigeria since its launch, while vehicles financed through the company had helped generate approximately N57 billion in revenue.
Delano said transferring the vehicles to customers would enable them to continue using the assets 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 leaving Nigeria, Moove said it would continue operating internationally, with approximately 42,000 vehicles across 29 cities worldwide.
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 the company’s history because the country, particularly Lagos, 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.
