Moove Unveils ‘N500m Moove Cares program’ for Nigerians in Response to Rising Inflation
Moove, the pioneering mobility fintech platform, has made a significant announcement today with the introduction of its ‘Moove Cares’ initiative. This program aims to alleviate the negative effects of the ongoing inflationary prices in Nigeria by offering a substantial support package. Moove acknowledges the challenges faced by its customers in managing their businesses amidst rising fuel prices, as well as the burden of inflationary food prices on household budgets. To address these concerns, Moove is providing support both in the workplace and at home. This comprehensive program includes fuel subsidies to assist with business operations and a comprehensive care package to support households during these challenging times.
By launching the ‘Moove Cares’ program, Moove demonstrates its unwavering commitment to making a positive impact on the lives of its customers, particularly in the face of Nigeria’s difficult and persistent economic environment.
Nigeria, as the largest economy in Africa, is currently grappling with a severe cost of living crisis and soaring food prices. This crisis has been exacerbated by a combination of factors, including rampant inflation, currency fluctuations, and logistical disruptions. As a result, many essential food items have become unaffordable for a significant portion of the population. In fact, the Nigeria Bureau of Statistics reported an alarming food inflation rate of 35.41% in January 2024 alone.
Since the removal of the fuel subsidy in May, fuel prices in Nigeria have skyrocketed to an all-time high of N610 per litre. This represents a substantial increase from the previously subsidized price of N264 per litre in March 2023. The sharp rise in fuel costs, amounting to a staggering 131%, has had far-reaching consequences across various sectors. Notably, it has led to increased transportation fares and a significant hike in the prices of food and other essential goods.
Recognizing the urgency of the situation, Moove has made a firm commitment to provide ‘Moove Cares’ packages worth over N150,000 to each of its customers, completely free of charge. Starting from next week, this program aims to alleviate the impact of high fuel prices and escalating food prices, particularly during the critical periods of Easter and Ramadan celebrations.
Moove’s commitment to corporate social responsibility and customer support during these challenging times is exemplified through the ‘Moove Cares’ initiative. Taiwo Ajibola, Moove’s Regional Managing Director for Nigeria, highlighted the program’s objectives, emphasizing the importance of providing assistance to customers facing the impact of rising fuel and food prices. The ‘Moove Cares’ program serves as a means of offering much-needed support to customers in the midst of a difficult economic environment.
Since its establishment in 2020, Moove has been dedicated to expanding access to financial services for mobility entrepreneurs. Operating in 9 markets worldwide, Moove’s innovative platform has facilitated over 30 million trips, positively impacting the lives of 80,000 customers and their families.
Amidst Nigeria’s economic challenges, the ‘Moove Cares’ campaign plays a crucial role in supporting Moove’s customers, reinforcing the Company’s reputation as a socially responsible leader in the mobility fintech industry. Through this extensive support package, Moove reiterates its commitment to building a resilient community capable of overcoming economic adversities.
