Sometimes, you order a ride on Uber and see that little grey Suzuki S-Presso car pulling up. Well, the company that helped put some of those cars on the road is leaving Nigeria.
What happened? Moove, the mobility fintech that financed and rented cars to ride-hailing drivers, is shutting down its Nigerian operations six years after launching in Lagos. It says eligible customers will get full ownership of vehicles worth about ₦35 billion ($26.3 million), free of charge.
There’s a bit of history here: Eyebrows are naturally going up because Moove’s exit comes just over a month after ride-hailing giant Uber left Nigeria, saying it was reviewing its business priorities and where it wanted to invest across Africa. Moove hasn’t said Uber’s exit is why it is leaving, but the timing is hard to ignore.
Explain like I’m new here: Moove and Uber were practically joined at the hip in Nigeria. When Moove launched in 2020, it found drivers who wanted to make money from ride-hailing but didn’t have enough money to buy a car. Moove financed cars for drivers, letting them use those vehicles for work while paying towards ownership from their earnings. In 2020, Moove became Uber’s car-financing and vehicle-supply partner in sub-Saharan Africa, supplying vehicles including Suzuki Alto and S-Presso models. Uber later invested in Moove, leading its $100 million Series B round in 2024.
Money Mooves: By 2024, it had raised $460 million across equity and debt, valuing the company at $750 million. In August, it raised $250 million in Series C funding at a $2.1 billion valuation, joining the Lagos-born startup unicorn club. It was building a much bigger mobility business. In January 2025, it acquired Brazilian mobility startup Kovi, and later acquired Tokyo Taxi in Japan, adding established fleets to its growing global footprint. It also moved into autonomous vehicles in the United States through a partnership with Waymo, managing driverless fleets in Phoenix and Miami.
What happens now? For the drivers, the ending is actually a bit sweet. Moove says over 9,000 customers have used its drive-to-own and rental products in Nigeria. Eligible customers can keep their cars for free. The company continues to operate elsewhere, with 42,000 vehicles across 29 cities including Accra, Cape Town, Nairobi, London, Dubai, Cairo, as well as its autonomous operations in Phoenix and Miami.Â
Nigeria may have lost Moove, but for the drivers who spent years paying for those cars, the company is leaving behind the one thing its business was built to help them get.
