Motor Africa, OnePipe to Offer Overdraft to Mobility Entrepreneurs
A mobility technology company, Motor Africa, and a Fintech infrastructure provider, OnePipe, say they will soon launch lending services for mobility entrepreneurs in Nigeria.
Sylvester Chude, the co-Founder of Envio Logistics Inc., a trading name for Motor Africa, said, in a statement on Friday, that the working capital would be in the form of an overdraft.
Chude said that the overdraft would help the entrepreneurs finance car repairs, purchase genuine spare parts, vehicle and personal insurance, smartphones and cash for personal and family welfare support needs.
The co-founder, who is also the Chief Executive Officer (CEO), said that OnePipe would 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.
“The technology, which generates analytical telemetry and remittance income data, assists registered lenders in making informed lending decisions while also managing seamless credit repayments.
“This service manages driver repayments to the vehicle owner and provides car maintenance oversights at partnered workshops.
“Commercial mobility in Africa is estimated to be a $150 billion market, according to an article by the AfDB, and expected to grow at 8.5 per cent between 2018 and 2023,’’ he said.
Chude added that the objective of Motor Africa was to facilitate the participation of financial institutions and individuals in funding the car supply gap in order to increase mobility in Africa.
He said that the platform was also open to fleet operators who had previously leased cars to drivers providing various mobile services.
The CEO of OnePipe, Ope Adeoye, said that working with Motor Africa would assist in addressing the challenges African mobility entrepreneurs experienced when trying to get working capital financing.
“The Motor Africa service is recommended for hosts leasing out cars for e-hailing services or local last-mile transport services.
“The credit facility is also recommended to drivers seeking cars on short-term lease or hire purchase, and financial institutions offering drive-to-own services or lending.
“Motor Africa has activated more than 2,000 vehicles already on its platform,” Adeoye said. # Motor Africa, OnePipe to Offer Overdraft to Mobility Entrepreneurs Oando Gains 34% as Investors Target Acquisition Price