Uber’s financing partner has raised $23 million to create more car owners in Africa ...Middle East

Quartz - Economy

Buying a new car in many African countries requires buyers to pay the full cost at once—not a feasible option for people in low and middle income brackets—or make do with highly unfavorable car loan terms from banks in the few instances where such loans are accessible. Car ownership is therefore an elusive dream for many on the continent.Africa accounts for only 1% of new car sales in the world, according to Mordor Intelligence, a research firm. To solve part of this problem, Moove—a car financing company—started a pilot in Lagos, Nigeria in 2020.It has a credit-scoring system that can be plugged into ride-hailing and logistics platforms. With this, Moove can know how well a prospective borr

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Uber’s financing partner has raised $23 million to create more car owners in Africa ...Middle East

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