Moove, the Mobility fintech, has received an $8 million investment from Absa Corporate and Investment Banking (CIB) to double down on its operations in Ghana.
Specifically, the new funding will significantly boost its existing fleet of brand-new, fuel-efficient Suzuki S-Presso vehicles, which will be assembled in Ghana.
The new expansion is expected to further accelerate Moove’s sustained traction in Ghana, which has seen the mobility fintech deliver over 2.7 million trips through Moove-financed vehicles and cover over 3,000 lives through its health and life insurance policies for its customers and their dependents.
Jephthah Datsomor, Moove’s Country Manager for Ghana, says, “We’re delighted to be strengthening our partnership with Absa, whose support has played a pivotal role in accelerating Moove’s growth since becoming our first bank partner in 2022. Our latest collaboration not only reinforces our shared commitment towards driving our local economies forward but also the transformative role that the provision of affordable, high-quality vehicles can play in achieving this goal.”
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“In light of Ghana’s current economic challenges, there arguably hasn’t been a more critical time in recent years to invest in the potential of its young people. With this in mind, we’re proud to be in an even stronger position to break down the barriers to a wealth of employment opportunities and further empower Ghana’s emerging class of mobility entrepreneurs.”
Ellen Ohene-Afoakwa, Managing Principal for Corporate and Investment Banking, Ghana, at Absa CIB, adds “As one of Africa’s largest financial services groups, we have a huge responsibility to continue leveraging innovative technologies that will empower more people across the continent to bring their dreams and aspirations to life.
“Our partnership with Moove has been a crucial driver of this mission, opening the door to a huge influx of opportunities for Ghana and South Africa’s gig economy drivers. We look forward to continuing our work alongside the Moove team and leveraging our on-the-ground expertise to further generate massive value for its local stakeholders.”
