Nigerian transport start-up wins $105m funding

A Nigerian start-up that helps taxi and delivery drivers buy cars says it is expanding to Europe, Asia and the Middle East after raising more than $100m (£77m) in funding.

Moove was founded in 2020 to provide loans to drivers who did not have bank accounts.

It operates in six African cities where ride-hailing apps have led to soaring customer demand for transport, but a lack of drivers with cars to provide the service.

In Africa, fewer than 5% of vehicles are bought through financing schemes, a far lower proportion than elsewhere in the world.

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