Motor Africa, a mobility start-up in Nigeria, said it is collaborating with OnePipe to offer a blend of credit and payment services to mobility entrepreneurs in Nigeria
Motor Africa and OnePipe, a fintech infrastructure provider, have launched a lending as a service (LaaS) proposition to help mobility entrepreneurs gain access to working capital 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.
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, according to a statement.
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Motor Africa boosts mobility entrepreneurship
Sylvester Chude, co-founder and CEO of envio Logistics Inc, 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
The OnePipe CEO and founder said that working with Motor Africa will assist in addressing the challenges African mobility entrepreneurs experience when trying to get working capital financing.
In addition, Chude confirmed that the objective of Motor Africa is to facilitate the participation of financial institutions and individuals in funding the car supply gap in order to increase mobility in Africa.
The lending as a service infrastructure, which utilizes hybrid telemetry IOT systems, enables lending partners to create loan products with interest rates and repayment terms, as well as manage credit requests, automatic underwriting, cash disbursement, and repayment collection.
