British International Investment Commits $20m to Mobility Fintech

Kayode Tokede 

British International Investment (BII), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group has introduced its new name and announced a $20 million, 4-year structured credit investment in Moove – a mobility fintech democratising access to vehicle ownership in Africa.

The investment reflects BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria, and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.

The British High Commissioner in Nigeria, Catriona Laing CB and CEO of BII, Nick O’Donohoe, co-hosted a business reception in Lagos to celebrate the launch of BII’s new name and reiterated the DFI’s continued ambition to scale up investment that will boost key economic sectors in Nigeria.

The event was held at the British Deputy High Commissioner’s Residence in Lagos, bringing together key leaders in business and BII’s investment partners from across the country. BII’s leadership outlined the organisation’s strategy to deliver productive, sustainable and inclusive investment and pledged to deepen its capital commitments to support the emergence of more breakthrough Nigerian businesses providing progressive solutions to urgent and complex development challenges.

The British high commissioner in Nigeria. Catriona Laing CB, said: “It’s a pleasure to be in Lagos to mark the launch of British International Investment, and to host Nick O’Donohoe during his visit to Nigeria.”

“BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth.

On how BII’s new five-year strategy is driving its investment in the world’s first mobility fintech, Moove, O’Donohoe comments: “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise.”

Ladi Delano, co-founder and co-CEO at Moove, said, “We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.