Moove’s planned exit from Nigeria, coming shortly after Uber discontinued its local operations, is adding a new dimension to the country’s evolving mobility market, even as ProTaxi emerges as a new entrant seeking to establish its place in the e-hailing industry.

Unlike a conventional business closure, however, Moove says its departure will include transferring eligible vehicles worth approximately N35 billion to existing customers at no cost, alongside a free car for every staff member as part of its exit arrangements.

The mobility financing company, founded in Lagos in 2020, announced that customers eligible for the vehicle transfer would assume full ownership from October 1, 2026, without making further payments to Moove for the vehicles themselves.

The announcement comes barely a month after Uber’s reported exit from Nigeria, raising fresh questions about the commercial pressures, operating conditions and long-term sustainability of mobility businesses in the country.

While the circumstances surrounding Moove’s decision were not disclosed, the company presented its exit as an opportunity to recognise the role Nigerian customers and employees played in building its business.

“As Moove concludes its Nigerian operations, eligible vehicles with an estimated total value of approximately N35 billion will pass into full ownership of the customers who currently operate them, with no payment to Moove required for the vehicles themselves from 1st October 2026.

“Moove will also reward all staff members with a Free Car as a sign of appreciation,” the company said in a statement.

Co-Founder, Co-CEO and Advisory Board Chairman, Ladi Delano, described Nigeria as central to the company’s development, saying the decision reflected its appreciation for the people who supported the business from its earliest days.

“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Delano said.

He noted that the company’s earliest customers took a chance on its business model when it was still an idea, helping to lay the foundation for its subsequent expansion into international markets.

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According to Delano, more than 9,000 customers have used Moove’s Drive to Own and rental products in Nigeria, with vehicles provided through the platform helping users generate approximately N57 billion in revenue.

“Those numbers matter because they represent people earning, supporting their families and building their own futures,” he said.

Describing the departure as an “emotional moment”, Delano said transferring the vehicles to eligible customers was a way of ensuring that the company’s final actions in Nigeria reflected its gratitude to those who helped it grow.

Moove said it would engage directly with affected customers and employees to coordinate the conclusion of its Nigerian operations and the transfer of eligible vehicles.

Moove was established in Lagos in 2020 by Delano and Jide Odunsi after they identified the difficulty many mobility entrepreneurs faced in accessing vehicle financing.

Starting with 76 vehicles in Lagos, the company developed a financing model that combined rentals with a pathway to vehicle ownership, enabling drivers to earn income while working towards owning the cars they operated.

The business subsequently expanded beyond Nigeria. According to the company, it now operates approximately 42,000 vehicles across 29 cities worldwide.

Its Nigerian customers generated about N57 billion in revenue through vehicles financed under its Drive to Own and rental offerings, highlighting the scale of the economic activity associated with the business before its planned departure.

The decision to leave Nigeria is particularly notable because it follows the company’s reported $250 million Series C funding round, which valued Moove at $2.1 billion and elevated it to unicorn status.

The funding round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. Other participating investors included BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers.

Moove’s departure and Uber’s earlier exit provide contrasting developments for Nigeria’s mobility sector. Both companies operated within the wider transportation ecosystem, but Moove’s vehicle-financing model also supported drivers seeking access to cars for commercial use.

Their exits do not, by themselves, establish that Nigeria’s entire e-hailing market is unviable. They do, however, underline the importance of examining the commercial models, costs, regulatory environment and customer economics on which mobility businesses depend.

For drivers, Moove’s vehicle-transfer arrangement could provide an important benefit by removing the obligation to continue paying the company for eligible vehicles. The longer-term implications will depend on the terms of ownership transfer and the costs customers must independently bear to maintain and operate their cars.

For the wider industry, the departure of established operators creates an opening for other companies to compete for drivers and passengers.

ProTaxi’s emergence in the market therefore comes at a significant moment. Its prospects will depend on its ability to build a reliable service, attract and retain drivers, offer competitive fares and establish a sustainable operating model in a sector where both customer affordability and driver earnings are critical.

Ultimately, the developments point to a mobility industry in transition: established businesses are reassessing or ending their Nigerian operations, while new entrants have an opportunity to test alternative approaches to transportation.

Moove’s decision to transfer vehicles to eligible customers offers a distinctive conclusion to its Nigerian chapter. Whether emerging operators such as ProTaxi can turn the changing landscape into sustained growth will depend on how effectively they address the practical needs of drivers and commuters.

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