Buying a new car in many African countries requires buyers to pay the full cost at once—not a feasible option for people in low and middle income brackets—or make do with highly unfavorable car loan terms from banks in the few instances where such loans are accessible. Car ownership is therefore an elusive dream for many on the continent. Africa accounts for only 1% of new car sales in the world, according to Mordor Intelligence, a research firm. To solve part of this problem, Moove—a car financing company—started a pilot in Lagos, Nigeria in 2020. It has a credit-scoring system that can be plugged into ride-hailing and logistics platforms. With this, Moove can know how well a prospective borrower performs on metrics like number of rides completed and how much they make, using the information as the basis for offering a car loan within five days.
SOURCE: QUARTZ AFRICA
A Great Recognition for the Work of Female Peace Builders in Cameroon
Could An Online Gathering Solve South Africa’s Putin Problem?
Calls For African Countries to Create Champions in Key Sectors
Times Higher Education Impact Ranks University of Johannesburg as on Track to Reach SDGs
Ghana’s Appetite for Hand-me-downs Ends Up in Crucial Waterways
Lilongwe is Taking a Closer Look at Who is Granted Asylum
Tanzania and Australia Forge Closer Ties in the Mining and Energy Industries
Kenyans Bemoan Plans to Raise Taxes
Building a Dynamic Ecosystem of Innovative Entrepreneurs and Startups in Libya
What Happened to Cause Musicians to Leave Ethiopia?
Rukky Ladoja & Building a Responsible Nigerian Fashion Brand
How to Write About Africa: Collected Works’ Shows Binyavanga Wainaina’s Legacy