Moove's $8m funding  to expand its existing fleet of vehicles in Ghana

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July 7, 2023
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4 min read

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Szia,

It is Fridayyy. ☺️😊💃How are you? Trust your week went well.

Be mindful of your well-being this weekend. Sleep, rest, eat lots of fruits and vegetables, and exercise; your physical, mental, and sexual health is very important.

I have two things to share with you.

One: The Techpoint Africa Podcast editorial team discussed several stories on this week's episode, including Payday suspending its partnership with Mastercard, South Africa's Information Regulator fining the Department of Justice R5 million, and PoS users in Lagos paying higher transaction fees. You can listen or watch it here.


Two: Pitch Friday is next Friday, July 14, 2023. Don’t miss it! To register for the event, click here.

Here's what I've got for you today:

  • Nigeria's President suspends 5% excise tax on telcos
  • Moove raises $8m
  • Masroofi's $1.5m funding

Nigeria's President suspends 5% excise tax on telcos

Truecaller airtime

Nigeria's President Bola Tinubu issued an executive order yesterday suspending the 5% excise tax on telecommunications.

This occurred as the President enacted four executive orders, including the change in the date of the implementation of the Finance Act 2023, to stop the nation's arbitrary taxation practices.

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The President delayed the implementation of the Act's changes from May 23, 2023 to September 1, 2023.

This is to ensure compliance with the 90-day minimum notice requirement for tax changes outlined in the 2017 National Tax Policy.

Dele Alake, Special Adviser to the President on Special Duties, Communication, and Strategy, stated that the status of the tax is unclear, as industry participants complain about the imposition of multiple taxes on their operations.

In 2022, the Nigerian federal government announced that telecommunications subscribers would be subject to a 5% excise duty on calls, SMS, and data services.

Former Finance Minister, Zainab Ahmed, said that, in addition to the 7.5% VAT already levied on telecom services, the government would impose an additional 5% tax.

However, telecom operators and the former Minister of Communications and Digital Economy, Isa Pantami, kicked against the 5% tax.

Moove raises $8m

Moove showroom

Moove, a mobility fintech, has received $8 million in funding from Absa Corporate and Investment Banking (CIB).

The funding will allow Moove to significantly expand its existing fleet of Suzuki S-Presso vehicles, which will be assembled in Ghana.

This creates new manufacturing jobs in Accra and allows the company's new clients to work with Moove to launch their businesses.

Moove says the expansion will accelerate the its growth in Ghana, where it claims to have already financed vehicles and insured over 3,000 for its users and their dependents via its health and life insurance policies.

This comes after Moove announced in June 2022 that Absa would provide a $20 million financing facility for its operations in South Africa.

The company says the new funding would support Moove's expanding vehicle fleet in Ghana and further the company's mission to democratise vehicle ownership and create jobs in global gig economies.

Masroofi's $1.5m funding

06 masroofi

Egyptian fintech startup, Masroofi, recently raised $1.5 million to expand its customer base and meet evolving market needs.

Founded in 2022 by Mostafa Abdel-Khabeer and Sayed Hosni, Masroofi focuses on electronic payment services for children, aiming to provide new solutions with room for expansion.

Masroofi plans to improve financial inclusion for children aged 5 to 15 by providing policies tailored to the needs of Egyptian families. This is consistent with the government's plans for digital transformation and the adoption of financial technology.

Masroofi wants to reach 2 million children nationwide within the next five years. Its initial target audience consists of 4 million children in Cairo, Giza, and Alexandria and 2 million children in compounds, international clubs, and schools.

Masroofi plans to grow with its customers by catering to their shifting needs across several market segments, including offering Neobank services.

In case you missed it

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Have a restful weekend!

Victoria Fakiya for Techpoint Africa.

She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.

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