UK’s DFI backs Nigeria’s Moove with $20m

The Development Finance Institution (DFI) of the UK government, British International Investment (BII), previously the CDC Group, has announced a $20 million, 4-year structured loan investment in Moove. The democratisation of automobile ownership in Africa is the major focus of the Nigerian fintech firm Moove.

According to BII, the additional investment would allow Moove to buy and import brand-new, fuel-efficient vehicles into Lagos, where they would then be leased to drivers who could eventually work their way to asset ownership over a three- to four-year period.

According to the UK investment arm, the money would be used to remove one of the major obstacles to the construction of ride-hailing transportation infrastructure in the commercial hub of Nigeria.

The news was revealed on Wednesday at a business reception in Lagos that Catriona Laing, the British high commissioner to Nigeria, and Nick O’Donohoe, the BII CEO, co-hosted.

The celebration of DFI’s new name and reiteration of its goal to increase investment that will strengthen economic sectors in Nigeria were the main goals of the event.

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