Moove Launches ‘N500m Moove Cares Programme’ for Nigerian Customers In Response To Rising Prices

Moove, the world’s first mobility fintech platform, today announced the launch of its ‘Moove Cares’ programme, which includes a substantial support package aimed at mitigating the negative effects of ongoing inflation in Nigeria. Moove recognises the challenges posed by rising fuel prices for its customers managing their businesses, as well as the additional burden of inflationary food prices on household budgets, and is providing assistance both at work and at home. This programme includes fuel subsidies to help businesses run smoothly, as well as a comprehensive care package to assist households during these difficult times.

This programme demonstrates Moove’s commitment to ensuring a positive impact on the lives of its customers, particularly in light of Nigeria’s challenging and chronic economic landscape. Given the cost of living crisis in many of its markets, as part of its unwavering commitment to customer welfare, the company is launching similar initiatives globally to assist impacted customers.

Nigeria, Africa’s largest economy, is dealing with an acute cost-of-living crisis and rising food prices, exacerbated by a combination of factors such as severe inflation, currency fluctuations, and logistical disruptions. In January 2024, the Nigeria Bureau of Statistics reported a 35.41% increase in food inflation, making it difficult for many people to afford necessities.

Following the removal of the fuel subsidy in May, fuel prices in Nigeria have risen to an all-time high, reaching N610 per litre, a significant increase from the previous subsidised price of N264 per litre in March 2023. This sharp 131% increase in fuel costs has had a knock-on effect in a variety of sectors, most notably increasing transport fares and significantly raising the prices of food and other necessities.

Recognising the gravity of the situation, Moove has committed to providing free ‘Moove Cares packages worth more than N150,000 to all of its customers. Beginning next week, the programme aims to mitigate the impact of high fuel prices and rising food prices, particularly during the critical Easter and Ramadan holidays.

‘Moove Cares’ demonstrates Moove’s proactive approach to corporate social responsibility and customer-focused support during these challenging times for the country.

Taiwo Ajibola, Moove’s Regional Managing Director for Nigeria, elaborated on the programme objectives, saying, “As a listening organisation, we understand from our customers’ feedback the urgent need for assistance amid the ongoing cost of living crisis affecting both fuel and food prices. Our Moove Cares programme aims to support our customers during a challenging economic climate.

Since its launch in 2020, Moove has been at the forefront of democratising access to financial services for mobility entrepreneurs. With a presence in nine global markets, Moove’s innovative Alltform has facilitated over 30 million trips, making a significant difference in the lives of 80,000 of its customers and dependents.

As Nigeria navigates these turbulent economic times, the ‘Moove Cares’ campaign serves as a lifeline for Moove’s customers, reinforcing the company’s position as a socially responsible leader in the mobility fintech space. Moove’s comprehensive support package reaffirms its commitment to building a resilient and thriving community capable of overcoming current economic challenges.