Mobility fintech giant Moove has announced a full exit from the Nigerian market, marking its operational shutdown with a landmark ₦35 billion vehicle asset transfer to over 9,000 local drivers.
Under a grand exit scheme dubbed the “Thank You Nigeria” initiative, effective October 1, 2026, Moove is completely waiving all remaining loan balances and transferring outright ownership titles of eligible vehicles to its network of drivers at zero additional charge. Moove is also gifting vehicles to its local Nigerian operational workforce as part of the severance and wind-down process.
Key Takeaways of the ₦35 Billion Exit Initiative
- Total Asset Transfer Value: Over ₦35 billion worth of commercial vehicle assets handed over to Nigerian gig workers and employees.
- Impacted Beneficiaries: More than 9,000 drivers across Nigeria receive full, unencumbered vehicle ownership titles with all future hire-purchase debt obligations erased.
- Effective Date: Vehicle lease and loan payments officially ceased on October 1, 2026.
- Employee Severance Support: Free vehicles granted to local staff members as Moove wraps up country operations.
Why Moove Is Pulling Out of Nigeria
The decision to end local operations comes in the wake of Uber’s operational shutdown in September 2026, which directly undermined the economic foundation of Moove’s primary revenue engine.
Founded six years ago in Lagos to solve vehicle financing bottlenecks for mobility workers, Moove relied heavily on ride-hailing demand and integration with Uber’s platform. Following Uber’s exit, maintaining the vehicle financing and lease-to-own operational model in the domestic market became commercially unsustainable due to macro headwinds and shrinking ride volume.
From Lagos Startup to $2.1 Billion Global Mobility Giant
Co-founder Ladi Delano acknowledged Nigeria’s foundational role in catapulting the company onto the international stage:
- Global Footprint: Built on its initial Lagos validation, Moove expanded into a $2.1 billion global mobility enterprise.
- Worldwide Fleet: The company currently manages a global fleet of 42,000 vehicles operating across 29 cities in Africa, the Middle East, Europe, and Asia.
While Moove ceases operations in Nigeria, its global enterprise will continue executing its expansion plans across international markets where ride-hailing demand remains strong.
