Moove, the mobility fintech company, is exiting Nigeria after six years, transferring vehicles valued at approximately ₦35 billion to eligible drivers with no further payments required from October 1, 2026. The announcement, made on October 8, follows Uber's departure from Nigeria on September 2, 2026, after 12 years of operations. Moove has not publicly confirmed a specific reason for its withdrawal, but its close ties to Uber, naira depreciation, and a strategic pivot toward autonomous vehicle fleets abroad provide important context.
What Moove's Departure Means for Drivers
Eligible drivers who have been paying to acquire vehicles through Moove's financing model will now receive outright ownership of those cars. The company also promised every employee a free car. This handover represents a significant shift: drivers will no longer owe Moove for their vehicles, and they can continue using the cars to earn income. However, the ₦35 billion valuation should not be mistaken for debt forgiveness of the same amount, as Moove has not disclosed how much recipients collectively still owed.
The exit leaves a mixed legacy. For drivers, it brings relief from future repayments and provides a tangible asset. But it also ends a vehicle-financing option in the country where Moove began its global operations in 2020 with just 76 cars in Lagos.
Why Moove Is Leaving Nigeria
Moove's withdrawal follows the exit of Uber, which was both an investor in Moove and a crucial partner in its Nigerian vehicle-financing business. Moove's model allowed drivers to access cars and repay their cost from ride-hailing income, using earnings and performance data to assess borrowers and structure repayments. Losing its principal platform partner disrupted this arrangement, though Moove has not formally confirmed this as the reason for its departure.
Even before Uber's exit, Moove's Nigerian operations faced tensions over affordability. Part of its fleet financing involved dollar-denominated debt, while drivers earned naira. Currency depreciation created a difficult mismatch: repayments could rise in local currency without delivering equivalent dollar returns. According to a TechCabal report, weekly remittances climbed from ₦56,400 in 2023 to ₦112,200 by 2025.
Pressure on Drivers' Earnings and Restrictions
Drivers faced mounting burdens beyond repayments. Fuel, maintenance, and household expenses competed for earnings, while complaints about weak ride demand raised questions about meeting weekly targets. Restrictions tying drivers to Uber also became contentious, as drivers wanted access to competing platforms to improve their chances of finding passengers. These pressures exposed the vulnerability of financing long-term assets through uncertain daily earnings.
The combination of naira weakness, high operating costs, and platform restrictions made it increasingly difficult for drivers to meet their financial obligations, adding to the strain on Moove's business model in Nigeria.
Moove's Shift Toward Robotaxis Abroad
While its Nigerian business struggled, Moove was building a different growth story internationally. In December 2024, it announced a partnership with Waymo to manage autonomous vehicle fleets, facilities, and charging infrastructure, beginning in Phoenix and expanding to Miami. This agreement positioned Moove to earn from operating fleets serving the emerging robotaxi industry, showing how far the company's ambitions had moved beyond its original Lagos financing operation.
The handover of vehicles to Nigerian drivers marks the end of Moove's local chapter, but the company's focus is now clearly on autonomous vehicle operations abroad. For Nigerian drivers, the immediate impact is ownership of their vehicles, but the loss of a financing route in the country where the business began will be felt in the ride-hailing market.
