How Drive45’s ₦2B Cascador win is supercharging vehicle access in Africa
- Seyi Adefemi founded Drive45, a rent-to-own vehicle platform, which has generated ₦1.5 billion in annual revenue.
- Drive45 received ₦2 billion in funding from Cascador, marking the largest single award in the program's history.
- The company operates over 200 vehicles nationwide and has recorded no payment defaults in three years.
Drive45's innovative approach to vehicle ownership in Nigeria is a significant step towards addressing the mobility crisis in the country. By focusing on a rent-to-own model, Adefemi has created a sustainable solution that not only benefits consumers but also supports OEMs. The upcoming expansion into the B2C market could further enhance accessibility and reshape the automotive landscape in Nigeria, making it a topic worth discussing in terms of scalability and impact.
