British International Investment (BII), the UK government’s Development Finance Institution (DFI), has introduced its new name and a $20 million, four-year structured credit investment in Moove; a mobility fintech democratising access to vehicle ownership in Africa.
The investment reflects BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria, and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.
Speaking at the launching in Lagos, yesterday, the British High Commissioner, H.E. Catriona Laing, said: “BIl forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth.
“The launch of BII marks a continuation of this partnership, and we look forward to seeing BIl’s support expand and diversify in Nigeria.”
CEO of BII, Nick O’Donohoe highlighted BII’s 74-year history in Nigeria, from its first investments in 1949, in West African Fisheries and Cold Store, to the organisation’s pioneering role in supporting Nigeria’s first private equity fund; African Capital Alliance’s Capital Alliance Private Equity Fund I (CAPE I).
On how BIl’s new five-year strategy is driving its investment in the world’s first mobility fintech, O’Donohoe said “Investing in the prosperity of Nigeria’s growing up population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise.”
He noted “In Moove, BII has a partner that aligns with our commitment to back dynamic tech enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.”
He added, “I am delighted that not only will BIl’s Investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among Its drivers.”
Co-founder and co-CEO at Moove, Ladi Delano sald, “We are incredibly proud to welcome on-board a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.
“With our new funding, we are now In an even stronger position to use our technology and productivity data in creating a more Inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”
Nigeria is the BII’s biggest investment market in Africa, with a portfolio of nearly US $570 million, through more than 100 businesses and 43 funds, which collectively support almost 45,000 jobs across the country in 2020.
The DFI’s investments in Nigeria, both direct and Indirect through various impact led funds and intermediaries, cover a variety of sectors from clean infrastructure and energy to digital infrastructure, food and agriculture, financial services, manufacturing and logistics.
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