Moove Partners With Lori Systems To Increase Access To Affordable Vehicle Financing
Nov. 4, 2021, 2:35 p.m.
Moove and Lori systems have partnered to make vehicle financing within Africa’s trucking and logistics industry accessible and affordable. The partnership will further drive the penetration of truck financing services which is currently below 1%.
Moove is a mobility fintech that provides revenue-based vehicle financing to mobility entrepreneurs across Africa. The car financing company helps individuals own a car and drive on Uber with an easy onboarding process in just five days.
Lori systems, on the other hand, was launched in 2017. The company has since been at the forefront of digitizing logistics on the continent and has successfully driven efficiency across the fragmented East and West African markets by digitizing discovery and providing end-to-end visibility for customers and transporters, achieving savings of up to 20%. Lori Systems has built a network of thousands of vetted transporters to move cargo across 12+ countries.
Given this, the partnership is expected to increase the capacity of transporters to match demand across East and West Africa. The collaboration will see Moove combining its unique revenue-based financing model and its credit-scoring technology with Lori Systems’ data-driven logistics marketplace.
The launch will initially take off in Kenya, followed by a rollout in Nigeria which will enable loans allocated to a pool of highly rated and vetted transporters on Lori Systems’ platform to expand their fleet through a drive-to-own program for all truck drivers. In addition, customers will be able to pay back the loans over 48 or 60 months using a percentage of their weekly revenue with up to 100% of the purchase price underwritten by Moove.
Submit your news stories, articles or press releases to editor@digitaltimes.africa
Or
“We knew from the get-go that our mission to democratize vehicle ownership would take us beyond cars. We’re thrilled to be partnering with Lori Systems to empower truck drivers in Africa and are excited about the positive impact our revenue-based financing solutions will have on their lives. Lori’s efforts to leverage data-driven and tech-enabled solutions have recorded significant progress in driving further efficiency in the African logistics industry; this has been impressive and very much aligns with our mission,” Ladi Delano, CEO of Moove, said.
“Lori’s mission is to drive down the cost of goods in frontier markets. We’ve grown a marketplace that brings transparency and data to the forefront of the continent’s critical haulage industry. The partnership with Moove enables us to design innovative and flexible financing options, using data we have captured over the years, to allow transporters to fund new trucks and increasingly grow their fleet and businesses,” said Uche Ogboi, CEO of Lori Systems. “The logistics industry in Africa has for so long been underserved by financial providers. By partnering with Moove to unlock access to financing, we can provide an even more efficient service and match the growing customer demand while lowering the costs for goods. It’s as simple as that.”
tag: Transportation, mobility,
Verny Joy Author
Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.