Moove, the vehicle-financing company that put thousands of Lagos ride-hailing drivers behind the wheel, is shutting down its Nigerian business. The announcement came on Thursday, 8 October, just over a month after Uber stopped operating in the country. Bloomberg first reported the exit, and Techpoint Africa, Technext and other Nigerian outlets have since confirmed the details.
The unusual part is how Moove is leaving. Instead of repossessing cars or chasing unpaid balances, the company says eligible customers will take full ownership of their vehicles. It puts the value of the fleet at about ₦35 billion (roughly $26 million), with no further payment due to Moove for the cars themselves.
What Moove announced
| Detail | What’s been reported |
|---|---|
| Announcement | Thursday, 8 October 2026 |
| What’s happening | Moove is ending its operations in Nigeria |
| Vehicles | Eligible vehicles worth about ₦35 billion pass to the customers who drive them |
| Effective date | Ownership applies from 1 October 2026 |
| Customers served since 2020 | More than 9,000 across rental and Drive-to-Own products |
| Staff | Nigerian employees will also receive a car |
| Name of the programme | “Thank You Nigeria” (according to TechMoran) |
| Reason | Uber’s exit changed the economics of operating in Nigeria |
According to TechMoran, scheduled payments are waived from 1 October, but customers are still expected to settle any remittances that were due before that date. Moove hasn’t publicly defined which vehicles count as “eligible”. Drivers should get that in writing from the company.
Co-founder and co-CEO Ladi Delano framed the exit as a thank-you to the city where the company started: “Nigeria is where Moove began, and everything we have built since carries something of Lagos with it.”
Why Moove is leaving: the Uber connection
Moove’s Nigerian business was built on a simple model. It bought cars, mostly Suzuki vehicles supplied through a 2022 agreement with Suzuki and MUFG, and financed them for ride-hailing drivers who couldn’t get bank loans. Drivers repaid weekly from their earnings, and after the agreed period they owned the car.
Uber was central to that model. Uber led Moove’s $100 million Series B round in 2024, which valued the company at $750 million. Moove’s Nigerian drivers worked mainly on the Uber app, and their trip data underpinned the loans. When Uber stopped taking trip requests on 2 September, ending 12 years in Nigeria, that foundation cracked.
In early September, Semafor reported that Moove was weighing an exit. Moove later allowed its drivers to work on other apps such as Bolt and inDrive and said operations would continue “until further notice”. Thursday’s announcement ends that uncertainty.
How drivers are reacting
The Amalgamated Union of App-based Drivers of Nigeria (AUATON) welcomed the move. Its national spokesperson, Jossy Adaraniwon, called it an “unprecedented act of corporate empathy”, according to Technext, and said drivers have moved from being lessees to car owners.
The same union criticised Uber for leaving without what it saw as fair compensation. Uber has paid some Nigerian drivers a one-off ₦40,000, but only those who qualified.
Not everyone sees Moove’s handover as pure generosity. Some analysts note that the cars were security for loans whose borrowers had just lost their main income source. Collecting those debts in a collapsing market would have been costly and slow. Either way, drivers come out ahead: they own a working asset with no further loan payments for the vehicle.
The bigger picture: a tough year for ride-hailing in Nigeria
Two of the biggest names in Nigerian ride-hailing have now left within six weeks. The pressures behind it are familiar:
- Fuel costs: petrol around ₦1,350–₦1,450 a litre squeezes driver earnings and pushes fares up.
- Inflation and the naira: imported cars, spare parts and tyres cost far more than when these schemes started.
- Driver defaults: drive-to-own lenders have struggled when drivers’ incomes fall.
- Fierce competition: Bolt, inDrive and local platforms compete hard on price.
Moove itself isn’t shutting down. It says it runs about 42,000 vehicles across 29 cities worldwide and is expanding into newer areas, including autonomous vehicles. Nigeria, where it began with just 76 cars in Lagos, is the market it’s leaving.
What this means for Nigerians
For Moove drivers
- Get your ownership documents. Ask Moove for written confirmation that your vehicle is eligible, plus the papers you need to register it in your name. Keep every message and receipt.
- Check what you still owe. If remittances from before 1 October are outstanding, find out the exact amount and settle it in writing so there’s no dispute later.
- Budget for running costs. As an owner, you now pay for insurance, vehicle licence renewals, servicing, tyres and repairs that may previously have been bundled into your weekly payments.
- Ask about trackers. Many financed cars carry tracking devices or immobilisers. Ask whether they’ll be removed or disabled.
- Keep earning. You’re free to drive on Bolt, inDrive and other platforms, or use the car for private hire and deliveries.
For riders
Fewer large operators can mean higher fares and longer waits at busy times, especially in Lagos and Abuja. On the other hand, thousands of drivers now own their cars outright, which could keep plenty of vehicles on the road across the remaining apps.
For the tech and startup scene
Moove’s exit is a lesson in platform dependence. A lending business tied to one ride-hailing app lost its foundation when that app left. Nigerian fintechs and mobility startups building on top of a single partner, whether a platform, a bank or a payment provider, will be watching closely.
For e-mobility
Drive-to-own isn’t dead. It’s the same model behind many electric motorcycle and electric keke schemes in Lagos and Ogun State. But Moove’s story shows why drivers should read lease contracts carefully: what happens to your vehicle, and your payments, if the platform or the lender leaves? TechPeza’s guide to rent-to-own electric bikes and kekes covers the questions to ask before signing.
What about Ghana and Kenya?
Moove has also operated in other African markets, including Ghana, Kenya and South Africa, according to earlier coverage of its expansion. Its announcement this week covers Nigeria only. Drivers elsewhere should watch for official updates from Moove rather than rumours on WhatsApp.
What to watch next
- Eligibility details: which vehicles qualify, and how ownership documents will be handed over.
- Where drivers go: whether Bolt, inDrive and local apps such as SimpliRide gain from the shake-up.
- Fares: whether prices rise in Lagos and Abuja as competition thins.
- Other lenders: how remaining drive-to-own and vehicle-financing firms adjust their terms after Uber’s exit.
Sources
- Moove exit and driver reaction: Technext
- Exit announcement, Delano quote and Uber context: Techpoint Africa
- Effective date, value in dollars and remittances: TechMoran
- Customer numbers and Series B details: Economy Post
- Further coverage: The Guardian Nigeria
- Earlier report on Moove weighing an exit: Semafor
- Moove, MUFG and Suzuki agreement (2022): Business Wire
About the author: Steve O. is the editor of TechPeza, where he covers AI tools, electric vehicles, home power, business, fintech and smartphones for African readers.
