Yango Introduces Lending Solutions for Gig Workers in Côte d’Ivoire
Gig workers in Côte d’Ivoire are now benefiting from lending solutions through a new initiative launched exclusively for Yango’s partner drivers. The service, known as the “Driver Cash Advance,” is set to expand to include consumers, food delivery agents, and merchants in the near future.
Ride-hailing app Yango has partnered with prominent microfinance institution COFINA and embedded finance platform Yabx to introduce this innovative lending solution for gig drivers in Côte d’Ivoire.
Drivers using the Yango app can now access short-term loans of up to 300,000 CFA ($500) directly through the platform, with repayment terms ranging from 2 to 8 weeks. This initiative aims to empower drivers to reinvest in their businesses and achieve their goals.
Kadotien Soro, Yango’s Country Manager in Côte d’Ivoire, expressed excitement about the collaboration, stating, “This lending service empowers drivers to reinvest in their businesses and reach their goals. It’s a valuable opportunity, and we encourage all beneficiaries to use these funds wisely for growth.”
Yabx’s advanced technology utilizes AI and machine learning to assess creditworthiness based on digital footprints, enabling drivers with limited or no credit history to access formal loans. This partnership with Yango marks a significant milestone in delivering financial services tailored for emerging markets.
COFINA, a leader in promoting financial inclusion across West and Central Africa, is providing the essential financing for this initiative. Amed Sié TOURE, Managing Director of COFINA Côte d’Ivoire, highlighted their commitment to supporting the digital economy and building a more inclusive and resilient digital economy in Côte d’Ivoire.
The gig economy, especially in transportation, is experiencing rapid growth. Yango’s Driver Cash Advance service aims to support this growth by providing drivers in Côte d’Ivoire with flexible loans to better manage cash flow, cover expenses, and focus on their work.
This partnership mirrors the one introduced by mobility fintech company Moove in 2022, which offers personalized loans to gig workers based on real-time earnings data. By customizing credit access according to earnings, financial solutions can effectively support gig workers, as demonstrated by Moove and now extended through Yango’s new initiative.
This innovative initiative by Yango is a significant step towards empowering gig workers in Côte d’Ivoire and providing them with the financial support they need to thrive in the growing gig economy.
Sources: The Condia
