Motor Africa, a mobility & IOT infrastructure startup in Nigeria, and OnePipe, a fintech infrastructure provider, are collaborating to offer a unique blend of credit and payment services to mobility entrepreneurs in Nigeria.
The two platforms have launched a lending-as-a-service (LaaS) proposition to help mobility entrepreneurs access working capital through an overdraft to finance car repairs, purchase genuine spare parts, vehicle and personal insurance, smartphones, and cash for personal and family welfare support needs.
The technology, which generates analytical telemetry and remittance income data, assists registered lenders in making informed lending decisions while managing seamless credit repayments.
Sylvester Chude, co-founder and CEO of Envio Logistics Inc, who has been an active participant in the mobility industry, stated that cooperating with OnePipe will facilitate automatic payout settlements to vehicle owners and lending partners.
“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.”
Commercial mobility in Africa is estimated to be a $150Bn market according to an article by the AfDB and was expected to grow at 8.5% between 2018 and 2023
Regarding the partnership with Motor Africa, OnePipe CEO and founder says that working with Motor Africa will assist in addressing the challenges African mobility entrepreneurs experience when trying to get working capital financing.
Motor Africa, a trading name of envio Logistics Inc., has activated more than 2,000 vehicles already on its platform and is now poised to enable those vehicle owners (who currently use the platform to lease their cars to verified drivers on e-hailing services and local transport services) have access to credit services.
This service manages driver repayments to the vehicle owner and provides car maintenance oversights at partnered workshops.