It will also build on rapid growth over the last 15 months in car financing, as it leverages its revenue-based financing model to bridge the financing gap across one of the continent’s most highly fragmented sectors.
Moove and Lori Systems’ partnership will focus on delivering access to affordable vehicle financing within Africa’s trucking and logistics industry where penetration for truck financing is lower than one percent.
By combining Moove’s unique revenue-based financing model and credit-scoring technology with Lori Systems’ data-driven logistics marketplace, both companies aim to increase the capacity of transporters to match demand across East and West Africa.
The launch in Kenya will be followed by a rollout in Nigeria using the same revenue-based financing and credit decision model that Moove has developed as Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa.
Loans will be allocated to a pool of highly rated and vetted transporters on Lori Systems’ platform, allowing them to expand their fleet, as well as through a drive-to-own program for all truck drivers. With up to 100% of the purchase price underwritten by Moove, customers will be able to pay back the loans over 48 or 60 months using a percentage of their weekly revenue.
“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.”
Commenting on the exclusive partnership Ladi Delano, Co-Founder and CEO of Moove said:
Launched in 2017, Lori Systems has 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.
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