YAKUB ABDULRASHEED – Mobility fintech company Moove is set to end its operations in Nigeria, with the company reportedly transferring eligible vehicles worth approximately N35 billion to customers who currently operate them at no cost. The marks a dramatic end to the vehicle-financing model that helped establish the company in Lagos.
According to a report by Nairametrics, Moove said customers would assume full ownership of eligible vehicles from October 1, 2026, without further payment to the company for the vehicles themselves.
The development comes weeks after Uber ended its Nigerian operations on September 2, following 12 years in the country.
Moove, founded in Nigeria by Ladi Delano and Jide Odunsi in 2020 as Uber’s preferred vehicle supply partner, built its early business around financing vehicles for ride-hailing drivers and helping them transition from drivers to car owners.
Moove’s Business Model: How It Worked
Moove’s Nigerian business was built around a relatively simple idea, and that’s to help people who wanted to become ride-hailing drivers but could not afford to purchase vehicles upfront.
Through its Drive-to-Own model, the company supplied vehicles to eligible drivers, who then used them on ride-hailing platforms such as Uber while making repayments from their earnings.
In practical terms, the driver could begin generating income with a Moove-financed vehicle without having to raise the entire purchase price of a car at the beginning.
The model made the continued operation of ride-hailing platforms central to Moove’s business because drivers needed regular trips and earnings to meet their financial obligations.
More than 9,000 customers reportedly used Moove’s Drive-to-Own and rental products in Nigeria, with the company saying its vehicles helped generate approximately N57 billion in revenue.
The model therefore connected three major components of the mobility economy: vehicle financing, drivers and ride-hailing platforms.
Moove provided the vehicle, drivers provided the labour and ride-hailing platforms provided access to passengers. As drivers earned from trips, they could meet their financial obligations while gradually working towards vehicle ownership.
The arrangement was particularly significant in Nigeria, where access to affordable vehicle financing has historically been difficult for many prospective commercial drivers.
Why is Moove Leaving Nigeria?
Moove’s planned departure comes at a significant moment for Nigeria’s ride-hailing industry, particularly following Uber’s decision to discontinue its operations in the country. The company’s original Nigerian model was closely connected to the ride-hailing ecosystem, meaning major changes in that ecosystem could affect the economics of vehicle financing.
With Uber no longer operating in Nigeria, drivers who depended on the platform for income have faced a changed marketplace, potentially making it more difficult for a vehicle-financing business built around ride-hailing earnings to maintain its previous structure.
The development also comes amid wider pressure on app-based transport operators. The Amalgamated Union of App-based Transporters of Nigeria recently wrote to Moove and other vehicle financiers, including LagRide, requesting temporary relief from daily remittances ahead of a proposed shutdown involving Bolt and inDrive. The union argued that drivers would be unable to generate their normal revenue during the action.
However, Moove’s exit should not necessarily be interpreted as a collapse of the company. In August, the mobility company reportedly raised $250 million in a Series C funding round led by Mubadala Investment Company and co-led by Toyota’s Woven Capital and Ion Pacific, giving it a reported valuation of $2.1 billion.
The company has increasingly expanded its attention beyond its Nigerian roots into international markets, including the United States and United Arab Emirates, as well as autonomous vehicle infrastructure and robotics-focused facilities known as “Nests.”
What Happens Next to the Drivers?
For eligible Moove customers in Nigeria, the company’s exit could produce an unusually favourable outcome.
Rather than requiring customers to return vehicles or continue making repayments under the existing ownership structure, Moove says eligible vehicles with an estimated combined value of approximately N35 billion will become the full property of the customers currently operating them.
The company said the transfer would require no payment to Moove for the vehicles themselves from October 1, 2026.
In its statement, Moove said:
“As Moove concludes its Nigerian operations, eligible vehicles with an estimated total value of approximately N35 billion will pass into full ownership of the customers who currently operate them, with no payment to Moove required for the vehicles themselves from October 1, 2026.”
The company also announced that its employees would receive free cars as a reward for their service.
The arrangement effectively means that qualifying drivers who were previously working towards ownership through Moove’s Drive-to-Own model may now receive full ownership without having to complete the remaining vehicle payments.
It is, however, important to distinguish the reported vehicle transfer from a cash refund, that is, the N35 billion figure represents the estimated value of the vehicles being transferred, not money being distributed directly to customers.
The precise eligibility requirements and treatment of individual contracts would depend on Moove’s final exit arrangements.
From Nigerian Startup to Global Mobility Company
Moove’s departure represents a notable turning point for a company whose story began in Lagos. Founded in Nigeria in 2020 by Ladi Delano and Jide Odunsi, the company initially sought to address a basic challenge in the local mobility sector, which is, the difficulty many drivers faced in obtaining vehicles through conventional financing.
Over time, that Nigerian experiment developed into an international mobility company and eventually achieved unicorn status.
Moove’s co-founder, Co-CEO and Advisory Board Chairman, Ladi Delano, described the Nigerian exit as an emotional moment, emphasising the country’s role in the company’s development.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Delano said.
He also acknowledged the early customers who trusted the company when it was still an idea, saying their support helped establish the foundation for its international expansion.
The company now appears to be positioning itself for a future that extends beyond traditional ride-hailing vehicle financing. Its reported expansion into autonomous vehicle infrastructure, robotics-first depots, charging and maintenance facilities reflects a broader ambition to participate in the emerging global mobility ecosystem.
For Nigeria, however, Moove’s exit closes an important chapter in the country’s ride-hailing economy, a chapter in which a local startup helped thousands of drivers access vehicles, generated billions of naira in economic activity and ultimately grew into a multibillion-dollar global mobility company.
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