MOOVE INTRODUCES FUEL SUBSIDY FOR USERS THROUGH N500M MOOVE CARES PROGRAMME

Moove, the world’s pioneering mobility fintech platform, has initiated its ‘Moove Cares’ initiative, unveiling a significant aid program aimed at alleviating the adverse impacts of escalating inflationary pressures in Nigeria.

Acknowledging the hurdles posed by surging fuel costs for its clientele in managing business operations and the added strain of inflationary spikes in food prices on household finances, Moove is extending assistance both in the workplace and at home.

This initiative encompasses fuel subsidies to aid business activities and a comprehensive assistance package to bolster households during these trying circumstances.

It underscores Moove’s commitment to making a positive difference in the lives of its users, particularly against the backdrop of Nigeria’s demanding and persistent economic conditions.

Nigeria, Africa’s largest economy, grapples with a severe cost of living crisis and soaring food prices, intensified by a combination of factors such as rampant inflation, currency volatility, and logistical disruptions.

This crisis has pushed essential food items out of reach for many, with the Nigeria Bureau of Statistics reporting a staggering 35.41% food inflation rate in January 2024 alone.

Following the removal of the fuel subsidy in May, fuel prices in Nigeria have skyrocketed to record highs, hitting N610 per litre, marking a substantial surge from the previously subsidized price of N264 per litre in March 2023.

This steep rise in fuel expenses by 131% has reverberated across various sectors, notably leading to increased transportation fares and a significant upsurge in food and essential commodity prices.

In response to the urgent situation, Moove has pledged to distribute ‘Moove Cares’ packages valued at over N150,000 to each of its customers, free of charge.

Commencing next week, the initiative aims to alleviate the impact of exorbitant fuel and escalating food costs, particularly during the critical periods of Easter and Ramadan observances.

‘Moove Cares’ exemplifies Moove’s proactive stance towards corporate social responsibility and customer-centric assistance during these challenging times for the nation.

Taiwo Ajibola, Moove’s regional managing director for Nigeria, elaborated on the program’s objectives:

“As a responsive organization, we comprehend the urgent need for assistance amid the ongoing cost of living crisis affecting both fuel and food prices, based on our customers’ feedback. Our Moove Cares program is our modest effort to provide much-needed support to our customers amidst this exceedingly challenging economic environment.”

Since its establishment in 2020, Moove has spearheaded the democratization of financial services access for mobility entrepreneurs. With a presence in 9 global markets, Moove’s innovative platform has facilitated over 30 million trips, significantly impacting the lives of 80,000 of its customers and their dependents.

As Nigeria navigates through these turbulent economic times, the ‘Moove Cares’ campaign serves as a crucial lifeline for Moove’s customers, further cementing the Company’s position as a socially responsible leader in the mobility fintech sector.

Through this comprehensive support initiative, Moove reaffirms its commitment to nurturing a resilient and flourishing community capable of surmounting the current economic challenges.

Source: Techeconomy