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Mobility Fintech Raises $105m in Series A2 Round

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Moove, the world’s first mobility fintech, which provides revenue-based financing to mobility entrepreneurs across Africa, has raised $105 million in an oversubscribed Series A2 round* consisting of equity and debt.

The round is led by existing investors, Speedinvest, Left Lane Capital and thelatest.ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.

Launched in 2020 by Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership across Africa by providing mobility entrepreneurs access to revenue-based financing in markets with low access to credit. Using its alternative credit scoring technology, Moove provides vehicle financing to its customers to purchase brand new vehicles using a percentage of their weekly revenue.

Moove has experienced overwhelming demand and exponential growth across Africa, with its Moove-financed vehicles having completed over 3 million rides covering more than 25 million kilometers.

Now, Moove is expanding its model globally to meet the needs of mobility entrepreneurs in other emerging markets. With this new $105m Series A2 round, which brings the total raised by the mobility fintech pioneer to $174.5m, Moove will rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months.

Moove is part of a new generation of Nigerian-born startups that are upending financial services across Africa. After raising $23 million in an oversubscribed Series A round in August 2021 and securing seed-stage funding from Future Africa in 2019, Moove is now leading the charge in the “mobility fintech” sector. This is a white space where Moove has emerged as the leader across Africa, helping to solve the continent’s acute problem of limited access to vehicle financing for millions of Africans.

Over the next six months, Moove will scale its revenue-based vehicle financing model to mobility entrepreneurs across Asia, MENA and Europe, and plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.

Moove’s model has proven transformative in other ways. Its commitment to ensuring that at least 60% of the vehicles it finances are electric or hybrid in line with targets set at COP26 means the company is replacing the old-polluting vehicles that are exported from the rest of the world to the continent with new fuel-efficient vehicles.

This commitment to tackling the climate crisis saw Moove recently awarded the IFC’s Annual Corporate Award as one of the top 20 most impactful and transformational projects, applying an innovative and scalable solution towards a global problem.

Moove is driving forward new areas of emerging economies with a platform that is disrupting traditional financial services and providing the means to empower a new generation of mobility entrepreneurs.

The mobility space in emerging markets is often highly fragmented and informal, Moove is helping to formalise how millions of people can participate in this economy to earn a living and own their vehicle.

Moove has a commitment to ensuring that at least 50% of its customers are women, its product design enables more women to access vehicle financing and flexible employment.

Ladi Delano, co-founder and co-CEO at Moove, said: “Less than two years ago we discovered this whitespace of mobility fintech and launched Moove. Having now surpassed over 3 million trips in Moove-financed vehicles across Africa, launched in six new cities and connected thousands of ambitious mobility entrepreneurs to ride-hailing, e-logistics and instant delivery marketplaces, we’re now leading this growing category within fintech.

“But there are still millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing and marketplaces that are facing critical supply issues.

“With this new fundraise, we are well-positioned and well funded to help solve this global problem. We’re delighted to have the support of leading investors across the globe who will be integral in enabling us to take our Nigerian-born model to the world.”

Jide Odunsi, co-founder and co-CEO at Moove, said: “At Moove, we are working hard to create disruptive and impactful tech solutions to solve real-world problems.

“The Moove model that we’ve pioneered in Africa providing revenue-based vehicle financing to mobility entrepreneurs can be applied anywhere in the world, which is why we’re excited to be expanding to new emerging markets in Asia and the MENA region.

“As we scale, we remain committed to empowering women, leading the electrification of the mobility space and driving financial inclusion. These ideals are at the core of what we do as we continue to build a sustainable and impact-driven global business.”

Julius Tichelaar, Partner at AfricInvest, said: “At AfricInvest, we are focused on supporting and growing companies that we believe will go beyond their own borders and become regional champions.

“Ladi and Jide have proven that Moove has the potential to transform the lives of millions of people across the continent and we’re delighted to be supporting them as they expand Moove in Africa and beyond into more emerging markets.

“Through the AfricInvest FIVE Fund, we’re incredibly proud to be joining Ladi, Jide and all the Moovers on their exciting journey of disrupting financial services.”

 


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E-Financial

Cybersecurity Expert Raises Alarm, Warns against Use ATM Card PIN for Online Transactions

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Dr. Kingsley Chibuzor Aguoru, a Nigerian-British Chartered Engineer and Doctor of Information Security, has petitioned the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to immediately put a halt to card PIN usage for online payments to protect Nigerians from being fleeced of their hard earned money.

Cybersecurity Expert Raises Alarm, Warns against Use ATM Card PIN for Online Transactions

He said he was making the passionate appeal in order to secure financial practices in the country.

According to the UK based chartered Engineer, with his over 20 years of experience in financial technologies and security, who pioneered the concept of OTPs for card-not-payments, he was compelled to bring attention to the critical flaws in the Nigeria’s current online card payment practices, which exposes customers to unnecessary risks and significant danger.

Specifically, according to Aguoru, the continued use of PIN in online transactions put Nigerians at a grave risk of being defrauded.

Aguoru noted that card PINs were designed for face-to-face transactions at ATMs and POS terminals where secure encryption methods protect users rather than online usage.

In the petition cited by this paper, titled: “Urgent Call to Ban Card PIN Usage for Online Payments in Nigeria”, Dr. Aguoru explained: “In 2005, I developed a solution to tackle prevalent fraud in card-not-present transactions in the United Kingdom using both online and offline OTP models, drawing on Cartesian geometry. Although major networks like Visa and Mastercard declined the innovation at the time, my OTP model has since become a standard worldwide for authorization.

”Nigerian payment providers, such as Paystack and Flutterwave, and Interswitch still require card PINs for online card transactions, a practice virtually obsolete elsewhere or not ever used. Card PINs are designed for face-to-face transactions at ATMs and POS terminals, where secure encryption methods protect users. Using them online exposes consumers to serious cyber risks, including phishing, keylogger, man-in-the-middle attacks, even some dubious staff at the payment provider company can misuse customer’s PIN captured on the internet.”

He continued: “Nigerians are already familiar with OTPs for securing online transactions. However, it is critical to understand that OTPs should never be combined with Card PINs in an online setting. Instead, global best practices require using OTPs or Multi-Factor Authentication alone for online payments, which adds a secure layer of protection, an alternative to using card PINs online is to issue hardware card readers. With these devices, customers would simply insert their card, enter their PIN directly on the reader, and receive a generated OTP, keeping the entire process offline and secure.”

Enumerating the role of CBN in financial matters in the present digital age, Dr. Aguoru called on the apex financial regulator to protect consumers from cyber vulnerabilities. “I respectfully call on the CBN to address these issues head-on by prohibiting web PIN entry for card payments and enforcing OTP or MFA requirements across all payment providers.”

He advised the CBN to urgently steps forward for the safety of Nigerian cardholders by banning the use of card pins for online transactions and mandate the use of OTPs or other dynamic authentication methods, such as authorization through mobile banking apps.

He noted that there was need for consumers to be educated on safe online payments practice to minimize exposure to phishing and other cyber threats.

He said it was also necessary for the apex bank to enforce industry wide compliance with modern security standards to protect Nigerian customers, especially on the web, through policies, such as security, payments compliance policies.

Aguoru emphasized that by adopting these measures, the CBN will greatly reduce the risks Nigerian consumers face and bring the nation’s payment systems in with international best practice.

 


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E-Financial

MoneyMaster PSB Customers to Enjoy 10% Data Bonus Per Recharge

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Customers of foremost payment service bank, MoneyMaster Payment Service Bank (MMPSB), will henceforth, enjoy a 10 percent data bonus offer on every recharge above N1,000 on their Glo lines.

The data bundle offers one of the highest volumes in the country and the data purchases come with 30-day validity, with an automatic rollover of unused data upon subscription for a new plan.

The offer, which is meant to reward loyal customers and new ones, also underscores the bank’s dedication to empowering Nigerians to master their money via efficient offers that make every naira count.

The 10 percent bonus offer is available for Glo customers on banking channels including the MoneyMaster PSB app, USSD banking code *995# and MoneyMaster PSB Web banking.

MoneyMaster is a provider of innovative digital financial products and services that transform lives. It has the mission to deepen financial inclusion and has been pivotal in providing financial technology services to bridge the gaps between the banked, underbanked and unbanked population.

Mr. Julius Arhebun, head of Agency Banking at MoneyMaster, said, the offer shows the bank’s commitment to offering its customers products that enhance their lifestyle and help them master their money.

“With this offer, our existing and new customers can enjoy extended access to quality internet services whether it is streaming their favourite content, browsing top sites, or catching up on trends on their favourite social media apps”, he noted.

He further explained that existing customers can buy a data bundle of N1000 or above from their mobile wallets, savings account or individual current account via our USSD banking code *995#, mobile app or web banking. For new customers, the offer comes via opening accounts via the USSD banking platform or downloading the mobile application.

 


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UBA Set to Establish Subsidiary in Saudi Arabia

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United Bank for Africa (UBA) Plc, Africa’s Global Bank, has set the wheels in motion to expand its operations in the Middle East with plan ongoing to open a subsidiary in Saudi Arabia, its largest economy.

UBA Set to Establish Subsidiary in Saudi Arabia

This move which is expected to happen within the next year will mark the bank’s second subsidiary in the Gulf Region, following the expansion of its business to the United Arab Emirates in 2022.

Muyiwa Akinyemi, group deputy managing director, UBA, who disclosed this during a panel session during the 8th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia and in an interview with Arise TV, underscored the bank’s strategic commitment towards fostering Africa’s growth through infrastructure development, youth empowerment, and sustainable partnerships across key global markets.

He said, “Opening a presence in Saudi Arabia represents the next step for us in connecting the Africa-Gulf region. We are excited to bring UBA’s expertise in financial services to Saudi Arabia, where we aim to facilitate knowledge transfer and create strong economic linkages.

“This venture will further enable us to access Saudi expertise in food security, energy transition, and sustainable practices, which are all critical for Africa’s continued development.”

While emphasising the importance of Africa as a strategic investment destination for long-term capital, he said, “Africa’s infrastructure deficit is an opportunity for investors worldwide. Our pitch to the Gulf and Southeast Asia emphasizes that Africa must be part of their investment horizon. Today, food security is paramount as our population expands.

Akinyemi also highlighted the bank’s dedication to nurturing Africa’s youth talent through entrepreneurship.

“Guided by our Group Chairman’s efforts with the Tony Elumelu Foundation, UBA is committed to supporting young entrepreneurs in tech, agriculture, and entertainment, which are all burgeoning sectors in Africa. With such a young and dynamic population, we see enormous potential for innovation and growth.”

He also reiterated the bank’s continuous support for Small and Medium Enterprises (SMEs) in Africa and beyond as he outlined the bank’s commitment to these businesses, which he referred to as key players in the African economy and vehicles for employment and economic growth.

“SMEs are the backbone of economic development in Africa. They contribute significantly to job creation and value chains, particularly within Nigeria. Over the last year, UBA has committed billions to support SMEs across Africa, and our network of over 20 countries enables us to make a substantial impact.”

During the panel discussions, Akinyemi took time to emphasize UBA’s longstanding experience on the continent as it navigates an ever-evolving investment landscape, adding that “As investors, we focus on infrastructure and sustainable projects that encourage economic prosperity while addressing pressing issues such as talent migration.

“Our goal is to ensure that people can thrive in Africa without needing to relocate. By investing in local talent and fostering growth sectors, we contribute to building the next generation of global innovators right here in Africa,” he noted.

The DMD further articulated UBA’s approach to risk management on the continent, emphasizing that the bank’s 75-year history has uniquely equipped it with insights and strategies to navigate diverse markets.

“With over seven decades of experience, Africa is what we know, and that knowledge allows us to manage risks effectively. We see tremendous opportunities in various sectors across the continent, and our continued investments are driven by a commitment to bring economic empowerment to communities, increase GDP, and improve socioeconomic quality. Our anniversary is a celebration of UBA’s legacy of contributing to Africa’s progress. We look forward to leveraging this milestone to drive even greater impact across sectors and empower future generations,” he said.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.


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