Suzuki signs MoU with African mobility startup

Suzuki Motor Corporation (Suzuki) has signed a Memorandum of Understanding with African startup company, Moove Africa B.V. (Moove) and MUFG Bank (MUFG Bank) that aims to strengthen cooperation within the African continent, and leverage the respective global networks of Suzuki and MUFG Bank to support Moove’s business expansion beyond Africa. 

The MoU was signed at the 8th Tokyo International Conference on African Development (TICAD8).

Moove, a mobility fintech company founded in Nigeria, provides auto finance to sole proprietors, and support MaaS-related businesses such as ride-hailing and food delivery. It also aims to have at least 60 percent of its future financing vehicles to be electric or hybrid. In 2022, Suzuki began supplying vehicles to Moove through its four-wheel distributors in Africa and has supplied more than 4,000 Indian-made compact cars such as S-Presso in South Africa, Nigeria and Ghana.

According to Moove, its alternative credit scoring technology will enable access to vehicle financing to mobility entrepreneurs, backed by the strength of MUFG's global network capabilities and Suzuki's expertise in manufacturing durable, high performance and fuel-efficient vehicles.

Launched in Lagos, Moove said in a press note that it is committed to empowering mobility entrepreneurs to be productive and successful through providing access to vehicle financing and other financial services. Moove has since scaled to seven markets across sub-Saharan Africa and six markets in MENA, Asia and Europe, and its customers have completed over 7 million trips in Moove-financed vehicles. Moove said it is also working to solve other challenges including providing access to finance for more female customers as well as improving road safety and training support for mobility entrepreneurs.

Director and Senior Managing Officer, Kinji Saito, Executive General Manager of Global Automobile Marketing, said, "With the penetration of vehicle finance provided by Moove, we will contribute to the creation of new jobs, address social issues such as mobility and driver shortages, and promote the formation of a MaaS eco system in the countries where we operate." It may be recalled at Saito was Director of Marketing and Sales for Maruti in India before moving to SMC in 2015.