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Moove’s planned exit from Nigeria, which comes shortly after Uber shut down its local operations, adds a new dimension to the country’s growing mobility market, even as ProTaxi emerges as a new entrant seeking to establish its position in the e-hailing industry.
In contrast to conventional business closures, Moove said this shutdown will include the transfer of eligible vehicles worth about N35 billion to existing customers at no additional cost, as well as free cars for each staff member as part of its exit arrangements.
The mobility finance company, which was founded in Lagos in 2020, announced that customers who qualify for vehicle transfer will take full ownership from October 1, 2026, without making any further payments to Moove for the vehicle itself.
The announcement comes just a month after Uber reportedly exited Nigeria, raising new questions about the commercial pressures, operational conditions and long-term sustainability of the mobility business in the country.
While the circumstances surrounding Moove’s decision were not disclosed, the company expressed Moove’s exit as an opportunity to acknowledge the role its Nigerian customers and employees have played in building its business.
“When Moove completes its operations in Nigeria, eligible vehicles with an estimated total value of approximately N35 billion will pass into the full ownership of customers who currently operate them, with no need to pay Moove for the vehicles themselves from 1 October 2026.
“Moove will also reward all staff members with a Free Car as a token of appreciation,” the company said in a statement.
Co-Founder, Co-CEO and Chairman of the Advisory Board, Ladi Delano, described Nigeria as the company’s development hub, and said the decision reflects his appreciation for the people who have supported the business since its inception.
“Nigeria is where Moove started, and everything we’ve built since then has brought something from Lagos,” Delano said.
He noted that the company’s early customers took a chance on its business model when it was still just an idea, helping to lay the groundwork for its subsequent expansion into international markets.
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According to Delano, more than 9,000 customers have used Moove’s Drive to Own and rental products in Nigeria, with vehicles provided through the platform helping users generate revenue of about N57 billion.
“The numbers are important because they represent people’s income, supporting their families and building their own future,” he said.
Describing his departure as an “emotional moment”, Delano said handing over the vehicles to eligible customers was a way of ensuring that the company’s final actions in Nigeria reflected its gratitude to those who helped its growth.
Moove said it will engage directly with affected customers and employees to coordinate the completion of its operations in Nigeria and the removal of eligible vehicles.
Moove was founded in Lagos in 2020 by Delano and Jide Odunsi after they identified the difficulties many mobility entrepreneurs faced in accessing vehicle financing.
Starting with 76 vehicles in Lagos, the company developed a financing model that combines leasing with vehicle ownership pathways, so drivers can earn income while working towards owning the cars they operate.
The business then expanded outside Nigeria. According to the company, it now operates around 42,000 vehicles in 29 cities around the world.
Its Nigerian customers generated revenue of about N57 billion through vehicles financed through Drive to Own and rental offers, highlighting the scale of economic activity associated with the business before its planned departure.
The decision to leave Nigeria is significant as it follows the company’s reported $250 million Series C funding round, which valued Moove at $2.1 billion and elevated it to unicorn status.
The funding round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota growth fund, and Ion Pacific. Other participating investors include BlueCrest Capital Management, Sona Asset Management and The Raptor Group, as well as existing backers.
Moove’s exit and Uber’s earlier exit provide contrasting developments for Nigeria’s mobility sector. Both companies operate within the broader transportation ecosystem, but Moove’s vehicle financing model also supports drivers seeking access to cars for commercial use.
Their exit does not in itself indicate that the entire e-hailing market in Nigeria is unviable. However, they underscore the importance of examining the commercial models, costs, regulatory environment and customer economics on which mobility businesses depend.
For drivers, Moove vehicle transfer arrangements can provide important benefits by eliminating the obligation to continue paying the company for eligible vehicles. The long-term implications will depend on the terms of ownership transfer and the costs that customers must incur independently to maintain and operate their cars.
For the wider industry, the departure of established operators opens up opportunities for other companies to compete for drivers and passengers.
Therefore, ProTaxi’s appearance on the market comes at an important time. Its prospects will depend on its ability to build reliable services, attract and retain drivers, offer competitive rates and build a sustainable operating model in a sector that prioritizes customer affordability and driver income.
Ultimately, these developments suggest that the mobility industry is in a period of transition: established companies are reassessing or ending their operations in Nigeria, while new entrants have the opportunity to test alternative approaches to transportation.
Moove’s decision to transfer vehicles to eligible customers brings a different conclusion to its branch in Nigeria. Whether new operators like ProTaxi can turn the changing landscape into sustainable growth will depend on how effectively they meet the practical needs of drivers and passengers.
