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Mobility Fintech Moove Raises $30M from Debut Sukuk for UAE Expansion

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Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, is raising $30 million from a debut sukuk issuance arranged by Franklin Templeton Investments (ME) Ltd. in its mission to build the largest EV ride-hailing fleet in the MENA region.

The successful completion of this debut sukuk will allow Moove to tap into the wealth of Islamic investors who are particularly interested in environmentally and socially responsible investments and will undoubtedly open up further avenues for the financing of Moove’s ambitious expansion plans.

The issuance of the Shari’ah compliant notes or “sukuk” has been privately placed and structured as a sukuk al- istisna, a Shari’ah compliant contract for the order to manufacture EVs.

Building on its successes, this financing is a milestone for Moove and testament to the strength of its business model and growth potential.

Ladi Delano, co-founder and co-CEO of Moove, said: “This financing is a milestone for Moove – our first sukuk issuance which showcases our growth and sustainability as a global company.

“Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets.”

Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year, creating sustainable economic opportunities, whilst accelerating the electrification of mobility and enhancing the ride-hailing passenger experience in the region.

Moove estimates that this fleet of EVs will contribute to a reduction of over 5,000 metric tonnes of carbon dioxide emissions per year to help cities like Dubai meet their ambitious Net Zero targets.

Mohieddine Kronfol, CIO, Global Sukuk and MENA Fixed Income, Franklin Templeton, said: “Franklin Templeton is pleased to lead this innovative Sukuk transaction that simultaneously complements our global sukuk and Sharia compliant private market strategies, while supporting the development of mobility and fintech ecosystems in the UAE initially, followed by more markets in the future.

The transaction also further validates the opportunity we have been arguing exists in private credit across the region, combining attractive yields with security and credit control.

“We wish Moove’s management team much success and look forward to seeing their cars on the road, as well as the social and environmental impact their business can have on our region.”

Investing in EV infrastructure to drive sustainability

As part of its launch in the UAE, Moove will be rolling out its EV charging app, Moove Charge™. Having initially launched in London in August, Moove Charge is the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers.

It allows users to locate charge points, display charge points compatible with their vehicle, show charge point availability in real-time, filter by charge speed, start and stop charging and wallet functionality.

With a commitment to ensuring that at least 60% of the vehicles Moove finances globally are EVs, the company is working with partners within the value chain across the MENA region to facilitate this transition in locations where charging infrastructure remains limited.

A year of significant growth in driving forward mobility electrification

Moove’s entry into UAE follows a year of significant growth and expansion for the firm. Moove launched in Europe for the first time in August when it launched a 100% EV rent-to-buy model in London.

The company also launched in India and will launch 5,000 CNG and EVs across Mumbai, Hyderabad and Bangalore in its first year to help create sustainable work opportunities in the developing economy.

Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 11 million trips in Moove-financed vehicles. This is down to Moove’s alternative credit scoring technology which unlocks access to vehicle financing for gig worker customers who may have previously been excluded from financial services.


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E-Business

Nigeria Takes the Lead in the Global WSIS+20 Digital Agenda

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Nigeria has unveiled a comprehensive, multi-pronged strategy designed to localise WSIS+20 commitments. This roadmap accelerates national transformation by prioritising robust infrastructure, transparent internet governance, and advanced cybersecurity through deep stakeholder collaboration.

Unveiled in New York at the Nigerian high-level side event titled “Re-Imagining Digital Cooperation for Sustainable Development: From WSIS+20 Vision to Local Action,” the strategy cements Nigeria’s position as a primary architect of the world’s digital future.

Speaking at the event, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, CCIE represented by Director, Corporate Planning and Strategy, Dr. Dimie Shively Wariowei said Nigeria’s approach is deliberately aligned with the four core activity areas identified under the ongoing WSIS+20 review process.

According to him, the focus areas provide a practical framework for translating global digital commitments into measurable national outcomes, ensuring that international resolutions drive inclusive growth and sustainable digital development at the country level.

Inuwa identified digital infrastructure as the foundation of effective localisation, noting persistent challenges in extending connectivity to underserved and remote communities. Beyond infrastructure gaps, he highlighted affordability constraints and digital literacy deficits, stressing that addressing these issues remains central to Nigeria’s digital inclusion drive.

He explained that government alone cannot shoulder the burden of nationwide digital infrastructure deployment, given Nigeria’s vast geographical spread, hence the adoption of collaborative Public-Private Partnership (PPP) models. He disclosed that Nigeria, in collaboration with the World Bank, is implementing a major fibre-optic project spanning about 90,000 kilometres nationwide to boost connectivity.

The NITDA DG also revealed that the current National Broadband Plan, which has guided broadband expansion in recent years, is nearing completion, with plans underway to renew and reposition it for the next five years. The renewed plan, he said, will strategically target increased broadband penetration as a catalyst for digital access and economic growth.

On internet governance, Inuwa referenced Nigeria’s active participation in the Internet Governance Forum (IGF), noting that the country successfully hosted its annual national IGF. He said the forum operates on a multi-stakeholder model that brings together government, the private sector, civil society and the technical community to foster cooperation and informed policy dialogue.

Cybersecurity, he added, remains a critical pillar of Nigeria’s localisation efforts. He cited the existing Cybersecurity Act and ongoing efforts to strengthen the legal framework through a reviewed version currently awaiting parliamentary approval. These measures, he said, are designed to mitigate risks associated with increased internet use and to protect users and critical digital infrastructure.

Inuwa further stressed Nigeria’s ambition to play a leadership role in advancing digital cooperation across Africa through inclusive, multi-stakeholder engagement. He underscored the importance of coordinated national data collection, noting that reliable, country-specific data is essential for tracking progress and presenting Africa’s digital development story on the global stage.

He concluded that sustained engagement and follow-up actions arising from the WSIS+20 review would strengthen digital cooperation among African countries and ensure that global digital commitments translate into tangible national and regional impact.

Stakeholders commended Nigeria’s efforts in the digital space, acknowledging the country’s growing role in shaping Africa’s digital future.

Earlier, Ms. Jennifer Chung, Co-Convener of the Informal Multi-Stakeholder Sounding Board (IMSB), praised Nigeria for convening a broad-based, multi-stakeholder delegation and for its commitment to the meaningful implementation of WSIS+20 outcomes.

Chung stressed the growing demand for localised WSIS follow-up mechanisms, noting that platforms such as the annual IGF, National and Regional IGF Initiatives (NRIs), and youth-led forums are vital for tracking progress towards the 2030 Agenda and Africa’s Agenda 2063.

She described the WSIS+20 review as a critical step toward effective monitoring, reliable data collection and evidence-based evaluation, particularly for developing countries in the Global South. According to her, these measures are essential to achieving WSIS targets and ensuring that no region is left behind.

Drawing parallels with the Asia-Pacific region, Chung noted that challenges around affordable and meaningful connectivity remain widespread across developing economies. She emphasised that expanding broadband penetration and reducing the cost of access are crucial to closing digital divides in Africa, Asia-Pacific and other parts of the Global South.

She also highlighted the need to enable active citizen participation in emerging technologies, including artificial intelligence and future innovations such as quantum technologies, stressing that inclusive digital access is key to maximising the benefits of digital transformation.

Reflecting on the WSIS+20 review process, Chung praised the innovative and inclusive approach adopted through the informal multi-stakeholder sounding board, describing it as one of the first of its kind in global digital governance. She called for sustained collaboration among governments, the private sector, civil society and the technical community to carry the WSIS vision from global commitments to local action.


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UBA Partners CIG Motors, Lagride, Launches $100m “Drive to Own” Scheme

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United Bank for Africa (UBA) Plc has announced a $100 million financing partnership with CIG Motors, Lagride and the Lagos State Government to promote urban mobility and financial inclusion through a scheme tagged “Drive to Own.”

UBA Partners CIG Motors, Lagride, Launches $100m “Drive to Own” Scheme

Group Managing Director/CEO, United Bank for Africa(UBA) and, Chairman, LagRide, Chief Diana Chen, flagged by LagRide drivers, at the signing ceremony of $100 Million Expansion Facility, strengthening smart mobility, driver asset ownership of over 3,500 cars, financed by UBA in partnership with Lagos State Government and LagRide, held in Lagos on Tuesday.

 

The initiative, unveiled on Wednesday in Alausa, Lagos, will empower 3,500 drivers in the state by enabling them to own vehicles with an equity contribution of 10 per cent of the total cost, while the balance is payable over 48 months.

UBA’s Group Managing Director/CEO, Oliver Alawuba, described the scheme as transformational, noting that it would foster inclusive economic growth, support MSME development and create opportunities for the younger generation.

“This partnership with Lagride is transformational. It will drive inclusivity for economic growth and ensure progress for everyone,” he said.

Alawuba shared a personal story, recalling that his father worked as a driver and was able to fund his education through that income. He said the scheme would provide similar opportunities for many families.

UBA’s Head of SME Banking, Babatunde Ajayi, said the partnership reflected a rethinking of traditional banking models.

“Not every business has a shop. Some businesses have wheels. Every commercial driver is running a business, yet they have remained outside formal finance. We designed credit that fits their reality,” he said.

Chairman of Lagride, Diana Chen, said the company had built a data-driven and credit-ready mobility platform for drivers, stressing that transportation remained the backbone of Africa’s economic future.

“Lagride now stands as the most structured, data-driven and credit-ready mobility platform in Nigeria,” Chen said.

The partnership aligns the strengths of the three organisations, with UBA providing financial support, CIG Motors offering viable business opportunities, and Lagride delivering a technology-driven platform to ensure sustainable livelihoods for driver-partners.


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Check Point Reveals Nigeria as Second Most Targeted African Country for Cyberattacks in November

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The November 2025 Global Threat Intelligence report released by Check Point Research on Tuesday, shows Nigerian organisations faced an average of 3,374 cyberattacks per week.

Making the country as one of the primary targets for cybercriminals in Africa last month, with a record of a staggering volume of digital threats despite an overall decline in attacks across the continent.

The report shows that this figure places Nigeria second among the four major African nations analysed, trailing only Angola, which topped the list with 4,251 weekly attacks per organisation.

While Africa as a whole saw a 13 percent year-on-year decrease in cyber incidents, Nigeria’s high numbers reveal a persistent vulnerability within its digital infrastructure. Kenya and South Africa followed Nigeria with 2,384 and 1,863 weekly attacks, respectively.

The report also identified government institutions and financial services as the most targeted sectors across Africa. Globally, the education and research sector remained the most frequent victim, hit by an average of 4,656 attacks per week.

A significant highlight of the report is the emerging threat posed by Generative Artificial Intelligence (GenAI). Check Point Research found that one in every 35 GenAI prompts submitted within corporate networks globally posed a high risk of sensitive data leakage.

In Nigeria and abroad, employees are increasingly using AI tools that operate outside of formal security frameworks. The report noted that 87 percent of organisations using GenAI were affected by ‘high-risk’ prompts, which often included the input of proprietary code, customer data, or internal communications into public AI models.

Ransomware continues to be a primary tool for extortion, with global incidents rising by 22 percent year-on-year. While North America remains the most targeted region for ransomware, the impact is increasingly felt in emerging markets like Nigeria.

The most active ransomware groups identified in November were Qilin, Clop, and Akira, which primarily targeted industrial manufacturing and consumer goods sectors.


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