Yango, a ride-hailing service, announced on December 10, 2024, a partnership with Yabx and COFINA to launch in-app digital lending services in Côte d’Ivoire.
This initiative aims to empower drivers by providing them access to cash advances through the Yango app, addressing many gig workers’ financial barriers.
Empowering drivers
The newly introduced “Driver Cash Advance” service allows Yango’s partner drivers to borrow up to XOF 300,000 (approximately $500) with repayment terms ranging from two to eight weeks.
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Kadotien Soro, Yango Côte d’Ivoire’s Country Manager, stated, “We are excited to partner with COFINA and Yabx to support our community.
By providing this lending service, we empower drivers to invest in their businesses and achieve their goals”.This service initially targets drivers but will eventually extend to riders and food delivery agents.
Read also: Ghana proposes vehicle income on ride-hailing services
Innovative technology for financial inclusion
At the core of this partnership is Yabx’s advanced Lending-as-a-Service platform, which utilises artificial intelligence (AI) to assess creditworthiness based on digital footprints.
This technology enables individuals without traditional credit histories to access loans easily.
Puneet Chopra, Chief Growth Officer at Yabx, remarked, “Embedded lending transforms credit access in underserved regions, fostering a sustainable gig economy across Africa”.
COFINA, a key player in microfinance across West Africa, provides the necessary funding for this initiative.
Amed Sié Touré, Managing Director of COFINA Côte d’Ivoire, emphasised the partnership’s significance: “This partnership advances inclusive economic growth and strengthens the digital economy in Côte d’Ivoire.”