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Absa Bank Ghana revolutionizes vehicle financing in Africa

Business

11 months ago
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Absa Bank's commitment to real sector growth in Ghana and Africa is really living up to the game. 
From steadfast support to SMEs and strategic partnerships with organizations like the Mastercard Foundation to the recent launch of its SME Loan @10% product, the bank continuously proves its responsiveness to clients' needs.

In a recent spotlight, Absa Bank made headlines with its US$24m funding for Meinergy Technology. The funding aims to construct a solar plant that will enhance power generation at the Bui Power Authority; these are all part of the many initiatives by the bank, to support Ghana’s socio-economic growth.

The latest move set to solidify the bank's strategic commitment is an impressive US$8m loan deal with Moove Ghana. This financial boost aims to expand Moove's vehicle fleet business across the African continent. Added to an earlier US$20m support from the Absa Group, Moove Ghana has now received a grand total of US$28m to fuel its growth in Ghana and beyond.

Moove Ghana operates a simple yet impactful business model, financing commercial vehicles for globally renowned ride-hailing companies such as Uber. As Uber's largest fleet vehicle support partner in Europe, the Middle East, and Africa, Moove's innovative approach caught the attention of Absa Ghana's Corporate and Investment Banking (CIB) unit, prompting their support.

Ellen Ohene-Afoakwa, Director of CIB at Absa Bank, highlighted the bank's commitment to empowering people across the continent through innovative technologies.

“We have a huge responsibility to continue using innovative technologies to empower more people across the continent and bring their dreams to life. Moove’s business model is a great fit for what we are helping to achieve on the African continent, " she said.  

Despite Africa's status as the world's fastest-growing continent, access to vehicle financing remains limited for over 1 billion Africans. However, Moove has emerged as a leader in the "mobility fintech" sector, tackling the vehicle financing challenge in emerging markets. This aligns with Absa's focus on driving local economies forward and empowering the continent's mobility entrepreneurs.

Jephthah Datsomor, Moove's Country Manager for Ghana, expressed his gratitude for Absa's pivotal role in accelerating their growth since 2022. The collaboration reinforces their shared commitment to empowering Ghana's young population and breaking down barriers to employment opportunities.

With the capital injection from Absa, Moove is now planning to democratize vehicle ownership, boost employment opportunities, and establish a new pipeline of manufacturing jobs in Ghana.

As it expands its fleet of brand-new, fuel-efficient Suzuki S-Presso vehicles, assembled in Ghana, Moove is set to make a significant impact on Ghana's mobility landscape.

source: Theannouncergh.com