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Moove Secures US$ 10 million Funding from NBK Capital Partners Mezzanine Fund

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NBK Capital Partners Mezzanine Fund II (the “Fund”) announced today that it closed a US$ 10 million financing facility with Uber’s exclusive vehicle supply partner in Africa, the mobility fintech Moove.

The innovative asset-backed venture debt marks the sixth investment from the Fund advised by NBK Capital Partners.

The growth facility from the Fund will support Moove’s expansion in West Africa initially, executives said. Moove is the first investment in Africa by NBK Capital Partners funds, underscoring the opportunity for a platform like Moove to address the continent’s vehicle financing gap.

Founded in 2019 by Ladi Delano and Jide Odunsi, Moove is an African mobility fintech that is democratizing vehicle ownership by providing revenue-based vehicle financing to mobility entrepreneurs across Africa.

The two co-founders are British-born Nigerians, educated at the London School of Economics, Oxford University and MIT, who have successfully built three other businesses on the continent prior to founding Moove.

The market opportunity is vast – Africa is home to 1.3 billion people, with 43 per cent in urban areas and growing, and in 2019 had fewer than 900,000 total new vehicle sales compared to 17 million in the U.S.

Moove provides vehicle financing for cars, bikes and lorries to mobility entrepreneurs across the continent through its alternative credit scoring technology and innovative revenue-based financing model and is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa. The company currently operates in six cities across Ghana, Nigeria, South Africa, and Kenya, with plans to expand further across the continent.

“We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent,” said Yaser Moustafa, Chief Executive Officer of NBK Capital Partners.

“The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.”

NBK Capital Partners Mezzanine Fund’s’ financing comes at a fantastic time for our company and is intelligently structured for our use case,” said Ladi Delano, Co-Founder and Chief Executive Officer, Moove. “This investment brings our total funding raised to date to US$ 78 million and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs.

“We are grateful to be working with a firm that supports our vision to build the first mobility fintech for Africa markets, tackling the problem of lack of access to credit for millions.”

Jide Odunsi, Co-Founder and Chief Executive Officer, Moove, commented: “Using our alternative credit-scoring technology and revenue-based model, Moove is empowering more women to access financing and become mobility entrepreneurs.

“We’re committed to ensuring that at least 50 percent of our customers are female, providing them with the tools, services, and flexibility they need to be productive and successful, when previously they have been excluded from more formal means of employment.”

Executives added, through year-end December 2021, more than 2 million trips have been made in Moove-financed vehicles since it launched operations in 2020.

Sikander Ahmed, Managing Director and Head of Private Credit at NBK Capital Partners said: “We are proud to support Moove’s management at such a vital time in the company’s expansion. We believe our flexible financing solutions are the reason why an increasing number of rapidly growing companies have come to rely on us for proven solutions to the many complex financial situations in which they find themselves.”

 


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E-Business

FG Shifting Focus to “Meaningful Connectivity” to Drive Inclusion  – Minister

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Bosun Tijani, minister of Communications, Innovation and Digital Economy, has said the government is shifting focus from expanding access to ensuring “meaningful connectivity” that drives economic growth and inclusion.

FG Shifting Focus to “Meaningful Connectivity” to Drive Inclusion  - Minister

Bosun Tijani, minister of Communications, Innovation and Digital Economy

The minister made the statement on Friday while addressing stakeholders at the inauguration of board members of the Universal Service Provision Fund (USPF) in Abuja.

He said that although Nigeria had made significant progress since the introduction of GSM services, millions of people, particularly in rural and underserved communities, remain either unconnected or unable to fully benefit from digital services.

Dr Tijani highlighted ongoing investments in digital infrastructure, including plans to deploy 90,000 kilometres of fibre optic network and nearly 4,000 telecom towers nationwide.

He said initiatives under the USPF had improved access through projects such as rural connectivity and digital facilities in schools but stressed that the next phase must prioritise effective usage.

“It is not enough to connect a community. We must ensure that schools can teach with digital tools and that small businesses can access market opportunities,” he said, citing a pilot project in the Kura community where connectivity has enhanced access to communication, education and healthcare.

Aminu Maida, executive vice chairman, Nigerian Communications Commission (NCC) also called for a shift towards meaningful connectivity, noting that while data usage had grown significantly, it remained concentrated in urban areas.

According to him, recent data shows that telecom usage has increased by about 160% over the past two years, largely driven by urban demand.

“When we drill down, we see that a lot of that growth is actually in urban centres. So, the gap between those who are not connected or not meaningfully connected is growing,” he said.

Dr Maida added that the trend underscored the need for the USPF board to intensify efforts to bridge both access and usage gaps across the country.

Both officials emphasised the importance of collaboration, sustainable investment models and improved digital literacy to ensure that connectivity translates into real economic benefits for Nigerians.

 

 


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Jury Finds Meta, Google Liable for Woman’s Social Media Addiction

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A jury in Los Angeles has found technology companies, Meta and Google liable for contributing to a young woman’s social media addiction, in a case being described as a landmark ruling.

Jury Finds Meta, Google Liable for Woman’s Social Media Addiction

The 20-year-old woman, identified only as Kaley, argued that she became addicted to Google’s YouTube and Meta’s Instagram from an early age due to their attention-driven design features.

According to her testimony, she began using YouTube at the age of six after downloading the app on her iPod Touch to watch videos about lip gloss and online games.

Kaley told the court that she joined Instagram at nine, bypassing parental restrictions put in place by her mother, and spent extended periods on social media.

The trial, which lasted about a month, with arguments and evidence from both sides.

Jurors also heard testimony from Mark Zuckerberg, chief executive, Meta and Adam Mosseri, Instagram head.

However, Neal Mohan, YouTube chief executive, did not testify.

The jury found that the companies were negligent in the design of their platforms and failed to adequately warn users about potential harms. Meta and Google were ordered to pay the woman $3 million in damages.

Jurors also recommended additional punitive damages, including $900,000 against YouTube and $2.1 million against Meta, according to company spokespersons.

The jury apportioned 70 per cent of the responsibility to Meta and 30 per cent to YouTube.

Kaley was present in the courtroom when the verdict was delivered, alongside parents of other teenagers who say they were harmed by social media use. Both companies said they plan to appeal the decision.

“We respectfully disagree with the verdict and will appeal. Teen mental health is profoundly complex and cannot be linked to a single app. We will continue to defend ourselves vigorously as every case is different, and we remain confident in our record of protecting teens online”, a Meta spokesperson said.

José Castañeda, Google spokesperson, said the case misunderstands YouTube, which is a responsibly built streaming platform, not a social media site.


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Nigeria, Finland Sign Cybersecurity Pact

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Nigeria and Finland have signed a Memorandum of Understanding (MoU) on digitalisation and innovation, prioritising stronger cybersecurity cooperation amid a surge in cyberattacks targeting Nigerian institutions.

The agreement was formalised in Abuja on Monday between Dr Bosun Tijani, Nigeria’s minister of communications, innovation and digital economy, and Jarno Syrjälä, Finland’s under-secretary of state for international trade.

The MoU focuses on cooperation in digital governance, technology infrastructure, and cybersecurity to drive economic growth and improve public services, says a statement issued on Monday by Isime Esene, special assistant to the minister.

The agreement is a significant step in strengthening bilateral relations and advancing Nigeria’s digital economy agenda, says Tijani.

He notes the MoU builds on engagements in Helsinki in February, which centred on Nigeria’s Data Exchange Platform and Finnish participation in Project BRIDGE (Building Resilient Infrastructure for Digital Growth and Empowerment).

The talks also involved key Finnish finance institutions, including Finnvera and Finnfund.

The partnership is expected to unlock new opportunities for innovation and investment, positioning digital technology as a catalyst for shared prosperity, says Tijani.

Finland is committed to supporting the development of resilient, secure, and human-centric digital systems in Nigeria, says Syrjälä. He adds that digitalisation should enhance public trust and empower citizens, noting that Nigeria remains a strategic partner for Finland in Africa.

The agreement complements Finland’s lead role in a €23 million Team Europe Initiative aimed at strengthening Nigeria’s digital public services.

This programme is implemented by Finland’s development agency, HAUS, in collaboration with Estonia’s ESTDEV, and supports the 3 Million Technical Talent (3MTT) programme.

The deal comes as Nigerian organisations record the highest number of cyberattacks in Africa. In January 2026, organisations experienced an average of 4 701 attacks per week, a 12% year-on-year increase, according to Check Point Research.

In response, authorities are developing the 2026 National Cybersecurity Policy and Strategy update.

Expected later this year, the framework will mandate minimum cybersecurity investment requirements for organisations operating critical national information infrastructure, notes the ministry.


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