Absa Bank’s commitment to real sector growth in Ghana and Africa, is really living up to the game.

From an undeniable support for SMEs, through partnerships with mastercard foundation, to its latest SME Loan @10% product, the bank has shown consistently that it is always responsive to the needs of its clients and customer.

Just the other day, a story popped up about Absa’s US$24m support to Meinergy Technology to construct a solar plant to enhance power generation at the Bui Power Authority. These are all part of the many initiatives by the bank, to transform the communities in which its workers live and work.

The latest deal that is set to extend the corridor chatter about the power of the bank’s strategy, is an US$8m loan deal for Moove Ghana to expand its vehicle fleet business on the African continent.

The amount is a complementary figure to an earlier US$20m support to Moove by the Absa Group. Altogether, Moove has benefited from an amount of US$28m from the Absa Group to expand its business in Ghana and on the continent.

Moove Ghana runs a simple and formidable business. It manages a fleet business, financing commercial vehicles that is used by globally acclaimed ride hailing companies like Uber. It is currently Uber’s largest fleet vehicle support partner in Europe, Middle East and Africa. The team at Absa Ghana’s Corporate and Investment Banking (CIB) unit was impressed by the disruptive model of Moove in the transportation business and decided to come on board and support.

As Ellen Ohene-Afoakwa, Director of CIB at Absa said:

“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. “

Despite Africa’s status as the world’s fastest-growing continent, it has the lowest per capita car ownership rate, with over 1 billion Africans having limited or no access to vehicle financing. However, Moove has emerged as part of a new generation of African-born fintechs to lead the charge in the “mobility fintech” sector. This is a great opportunity discovered by the company to address the acute vehicle financing problem across emerging markets globally and empower mobility entrepreneurs to become more productive and successful.

Jephthah Datsomor, Moove’s Country Manager for Ghana, said:

“Absa’s support has played a pivotal role in accelerating our growth since 2022. Our latest collaboration reinforces our shared commitment towards driving our local economies forward. This is a good time to invest in the potential of Ghana’s young people. We’re proud to be in a strong position to break down the barriers to employment opportunities and empower Ghana’s emerging class of mobility entrepreneurs.”

Moove will use the capital injection to fuel its mission to democratise vehicle ownership and bolster employment opportunities in Ghana and on the continent. The company expects to significantly boost its existing fleet of brand-new, fuel-efficient Suzuki S-Presso vehicles, to be assembled in Ghana.

This will also support new entrepreneurs in the fleet business while establishing a new pipeline of manufacturing jobs in the country.