Grace Ashiru
Gig workers in Côte d’Ivoire are now receiving lending solutions through an initiative currently exclusive to Yango’s partner drivers. Plans are in place to expand the service to consumers, food delivery agents, and merchants in the future.
Ride-hailing app Yango has teamed up with COFINA , a prominent microfinance institution, and Yabx, an embedded finance platform, to introduce a lending solution for gig drivers in Côte d’Ivoire.
According to the announcement, the in-app loan will be named the “Driver Cash Advance” service.
The service offers drivers access to short-term loans of up to 300,000 CFA ($500) directly through the app, with repayment terms ranging from 2 to 8 weeks.
“We are thrilled to collaborate with COFINA and Yabx to support our community,” said Kadotien Soro, Yango’s Country Manager in Côte d’Ivoire. “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.”
This partnership addresses the financial accessibility gap in Africa’s gig economy. In countries such as Zambia, Ghana, and Senegal, where Yango operates, informal workers often struggle to access essential services like loans due to being classified as high-risk by traditional financial institutions.
Yabx’s innovative technology utilizes AI and machine learning to evaluate creditworthiness based on digital footprints, enabling drivers with limited or no credit history to access formal loans.
“This partnership with Yango marks a key milestone in our mission to deliver financial services designed for emerging markets,” says Puneet Chopra, Chief Growth Officer at Yabx. “By integrating lending into the Yango platform, we are removing barriers to financial access and providing users with a seamless way to obtain capital.”
COFINA, a leader in promoting financial inclusion across West and Central Africa, is supplying the essential financing for this initiative.
Amed Sié TOURE, Managing Director of COFINA Côte d’Ivoire, emphasizes their commitment to supporting the digital economy: “This partnership marks a major step in providing financing solutions tailored to the needs of Yango drivers. We are proud to play a part in building a more inclusive and resilient digital economy in Côte d’Ivoire.”
The gig economy, especially in transportation, is experiencing significant growth. According to the U.S. Bureau of Labor Statistics, nearly 387,000 new jobs are expected to be created in transportation and warehousing by 2033, highlighting the sector’s expanding importance in the economy.
Yango’s Driver Cash Advance service addresses this growth by providing drivers in Côte d’Ivoire with flexible loans, helping them better manage cash flow, cover expenses, and, most importantly, focus on their work.
This partnership is similar to the one introduced by mobility fintech company Moove in 2022, which leverages real-time earnings data to provide personalized loans to gig workers.
By customizing credit access based on real-time earnings, Moove has demonstrated how financial solutions can more effectively support gig workers. This concept is now extended through Yango’s new initiative, providing tailored lending options to drivers.
