Nigerian mobility startup, Moove secures $8 million for Ghana expansion

Moove, an Nigerian mobility company, that provides revenue-based vehicle financing to mobility entrepreneurs, democratizing vehicle ownership across Africa, has secured US$8 million in funds from Absa Corporate and Investment Banking to expand its vehicle fleet in Ghana.

This brings Moove’s total funding from Absa to US$28 million, after it secured US$20 million in July 2022.

The recent funds received will be used to break down the barriers to a wealth of employment opportunities and further empower Ghana’s emerging class of mobility entrepreneurs. Also, Moove will significantly boost its existing fleet of brand-new, fuel-efficient Suzuki vehicles, which will be assembled in Ghana.

Speaking on the funds raised from Absa, Moove’s country manager for Ghana Jephthah Datsomor said.

“We’re delighted to be strengthening our partnership with Absa, whose support has played a pivotal role in accelerating Move’s growth since becoming our first bank partner in 2022. Our latest collaboration not only reinforces our shared commitment to driving our local economies forward but also the transformative role that the provision of affordable, high-quality vehicles can play in achieving this goal.