3 September 2021
Templars has advised International Finance Corporation (IFC) on its US$20 million financing for mobility fintech company, Moove Africa for the acquisition of up to 1,400 new cars. The acquisition aims to ease heavy vehicle congestion in Lagos and drive sustainable and inclusive economic growth in the city.
Moove is a fintech company that provides vehicle financing to mobility entrepreneurs across Africa and is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa.
The financing package provided by IFC includes a $10 million loan from its account and $10 million mobilised from partners under the Managed Co-Lending Portfolio Program (MCPP). The vehicles to be acquired will include a pilot fleet of hybrid cars to support the roll-out of more energy-efficient cars on e-hailing platforms.