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A Kenyan-based vehicle financial management startup, Motoqaa, announced the launch of a new digital platform that allows gig workers in the taxi-hailing industry to acquire vehicles at any time.
Motoqaa launches lease-to-own vehicle marketplace to benefit the taxi industry
Created by Motoqaa in June 2020, the platform is a lease-to-own vehicle marketplace. The new and innovative marketplace will allow taxi industry professionals to acquire vehicles from various lessors at the end of the lease period with no additional costs to the drivers.
Motoqaa is responsible for the sourcing of drivers, collecting payments, and operations that ensure vehicles and drivers are kept on the road. The startup currently hosts 28 vehicles on its platform.
Motoqaa was founded in June 2020 by Mugambi Munyua and Olivia Gachoya. The objective of the platform is to shift the ownership of vehicles as drivers are excluded from the formal credit system, and satisfy the needs of its partners.
In reference to the objectives, the platform provides drivers with the opportunity to own the vehicles they operate and offers a return of capital and additional profit to partners.
The founders have a combination of four years of fleet operations experience within the taxi industry and believe that through the new digital marketplace all players will benefit. Drivers are able to acquire assets and vehicle financial partners will earn a return on investment.
Motoqaa’s business model
The Kenyan-based startup manages payments on its in-sourced digital platform by adopting a pay-as-you-go business model. The system alerts drivers about when payments are due to ensure continued operation. If drivers fail to pay on time, vehicles will be immobilised.
Motoqaa’s business model is constantly being tweaked to ensure a seamless transition into an asset financing model.
The startup aims to expand and earn additional revenue from the markup of vehicles.
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