Cooperation between OnePipe, a financial infrastructure provider, and Motor Africa, a mobility and IOT infrastructure startup, will make an innovative combination of credit and payment services available to Nigerian mobility entrepreneurs.
The two platforms have created a lending-as-a-service (LaaS) offering to assist mobility entrepreneurs in obtaining an overdraft to pay for car repairs, authentic replacement parts, vehicle and personal insurance, cellphones, and cash for personal and family welfare assistance.
The platform generates analytical data and exchanges income data, allowing registered lenders to make informed lending decisions and keep credit repayments on track.
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OnePipe’s CEO statement
Sylvester Chude, co-founder and chief executive officer of Envio Logistics Inc., a participant in the mobility industry, stated that collaborating with OnePipe will facilitate automatic payout settlements to vehicle proprietors 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.”
According to a report by AfDB, the commercial mobility market in Africa is valued at $150 billion and is anticipated to grow by 8.5% from 2018 to 2023.
In regards to the collaboration with Motor Africa, the CEO and founder of OnePipe claim that cooperating with Motor Africa will help overcome the difficulties faced by African mobility entrepreneurs in obtaining working capital finance.
An estimated 2,000 Vehicles have already been activated on the Motor Africa platform, a trading name of Envio Logistics Inc., and the company is now ready to give the owners of those vehicles access to credit services. These vehicle owners currently use the platform to lease their cars to verified drivers on e-hailing and local transportation services.
This service oversees car maintenance at affiliated workshops and organizes driver payments to the vehicle owner.
About Motor Africa
Motor Africa, a company founded by Sylvester Chude, transforms the African mobility landscape by utilizing linked car data and vast, reliable data sources. Currently providing services in Lagos, Abuja, Ibadan, Benin, and Port Harcourt, the mobility and IOT infrastructure firm hopes to announce additional locations in the second quarter of 2023.
Mobility entrepreneurs can register their vehicles through the Motor Africa app, which is accessible on the Google Play Store and the Apple App Store, pay a N15,000 vehicle and activation fee, and instantly receive an N600,000 credit to their overdraft wallets before the vehicle is made visible to verified drivers on the mygarage platform.
The platform is also open to fleet operators who have previously leased cars to drivers providing various mobility services.
In addition, Chude emphasized that Motor Africa’s goal is to make it easier for individuals and financial institutions to contribute to supporting the shortage of cars in Africa.
The infrastructure for lending as a service uses hybrid telemetry and IOT systems. This lets lending partners make loan products with interest rates and terms for paying them back, as well as handle credit requests, automatic underwriting, cash disbursement, and collecting payments.
The intelligent payback collection service lets people with credit send payments to a special repayment wallet via bank transfer before the due date. When subscribers don’t pay back what they owe, the system will instantly turn off the engine of the vehicle that was used as collateral and send the vehicle’s geo-location to Motor Africa recovery agents.
The Motor Africa service is suggested for hosts who want to rent cars for e-hailing or local last-mile services, drivers who want to rent or buy cars for short periods of time, and financial institutions that offer drive-to-own services or loans.