Leading mobility & IOT infrastructure startup in Nigeria, Motor Africa, has teamed up with a fintech infrastructure provider, OnePipe, to launch a lending as a service (LaaS), aimed at gaining easy access to working capital for all their teeming customers and prospective ones.
Meant for African mobility entrepreneurs, Motor Africa revealed that the unique credit and payment service shall come in the form of an overdraft to finance car repairs, purchase genuine spare parts, vehicle and personal insurance, smart phones, and cash for personal and family welfare support needs.
The technology, which generates analytical telemetry and remittance income data, assists registered lenders in making informed lending decisions while also managing seamless credit repayments.
Motor Africa, a trade name of envio Logistics Inc., has activated more than 2,000 vehicles already on its platform and is now poised to enable those vehicle owners (who currently use the platform to lease their cars to verified drivers on e-hailing services and local transport services) have access to credit services.
This service manages driver repayments to the vehicle owner and provides car maintenance oversights at partnered workshops.
Sylvester Chude, Co-founder/CEO, Motor Africa, who has been an active participant in the mobility industry, stated that cooperating with OnePipe will facilitate automatic payout settlements to vehicle owners and lending partners.
According to Chude, “commercial transportation is a crucial service for the growth of any economy, and the role of technology and innovation is essential for its success in Africa.” Commercial mobility in Africa is estimated to be $150Bn market according to an article by the AfDB and was expected to grow at 8.5% between 2018 and 2023
Akin Olunloye, Solutions Delivery, OnePipe, enthused, working with Motor Africa will assist in addressing the challenges African mobility entrepreneurs experience when trying to get working capital financing.
The Motor Africa technology, which is available on the Google Play store and Apple Appstore, allows for mobility entrepreneurs to register their vehicles, pay a vehicle and activation fee of N15,000, and have their overdraft wallets instantly credited with N600,000 prior to the vehicle being displayed on the my garage platform to verified drivers.
The platform is also open to fleet operators who have previously leased cars to drivers providing various mobility services.
