Moove, the Lagos-founded vehicle financing company, has told its Nigerian drivers they may now operate on other ride-hailing platforms after Uber ended operations in the country on September 2, 2026. The move follows the exit of Uber, which was both Moove's exclusive ride-hailing partner and one of its largest investors. Drivers who previously had to remain on the Uber Go platform will now be able to seek trips on services such as Bolt and inDrive.
An Exclusive Arrangement Comes to an End
Moove's vehicle financing model has long required drivers to use Uber exclusively, particularly under the Uber Go category with its compact Suzuki Espresso cars. The arrangement was designed to generate productivity data that could support tailored financing products and help the company manage risk. With Uber's departure, Moove has informed drivers in an official communication that business operations will continue and that using alternative ride-hailing apps such as Bolt and inDrive is now permitted.
Drivers Welcome Flexibility but Raise New Concerns
Many drivers had requested permission to work across multiple apps because limited ride requests on Uber were reducing their ability to meet weekly loan repayments. The new flexibility addresses that long-standing complaint, but drivers are now asking how repayment schedules will be recalculated and what happens to drivers without access to other apps. Some also worry that moving to platforms such as inDrive will increase driver competition and push fares lower.
The Financial Pressures Behind the Demand
Moove drivers obtain their vehicles through a financing scheme that requires weekly repayments for four years. Because they had to remain on Uber Go, many drivers said the volume of available trips was too low to sustain their obligations and support their families. The restriction had become a source of persistent tension, with drivers arguing that access to multiple platforms would improve their earning potential while Moove defended exclusivity as necessary for reliable productivity data.
Moove's Global Pivot and Investor Ties
Moove began in Lagos in 2020 as a solution for ride-hailing drivers who lacked access to conventional vehicle loans. It has since expanded to roughly 42,000 vehicles across 29 cities in 13 countries and reported annual recurring revenue of about $420 million. Uber led a $100 million Series B investment in 2024, and Moove recently raised a $250 million Series C led by Mubadala at a $2.1 billion valuation, underscoring its shift toward global fleet operations.
Uber's Broader Retreat and Global Restructuring
Uber's decision to end operations in Nigeria and Uganda on September 2, 2026 followed a difficult period for the company's African business. The company has now exited four African markets in under two years, leaving Egypt, Ghana, Kenya, and South Africa as its remaining operations on the continent. Uber framed the decision as part of a broad review of business priorities and a global restructuring that is redirecting capital toward autonomous vehicle investments.
Competitive Pressures in Nigeria's Ride-Hailing Market
Uber's exit does not remove the structural challenges facing Nigeria's ride-hailing economy, including fuel costs, currency depreciation, and price-sensitive riders. Bolt and inDrive have confirmed they intend to remain in the market, positioning themselves to absorb displaced Uber users and drivers. The broader sector will still need to manage driver margins and consumer affordability in a difficult operating environment, while local drivers await clarity on their financing terms.
Moove's decision offers immediate relief to drivers who were uncertain about their future after Uber's departure. However, unresolved questions around loan remittances, fare competition, and long-term viability remain central to the next phase of Nigeria's ride-hailing market. How Moove and its drivers navigate these pressures will likely shape the company's relationship with the market where it was founded and its role in the country's evolving mobility sector.
Source: Technext24.com