In a groundbreaking partnership, Yango Côte d’Ivoire, a branch of the global technology company Yango Group, has teamed up with COFINA, a leading mesofinance institution, and Yabx, an embedded finance platform, to introduce a new Driver Cash Advance service. This digital loan product aims to improve access to credit for drivers, offering instant cash advances of up to XOF 300,000 (USD 500) with flexible repayment options over two to eight weeks.
The service is currently exclusive to Yango’s partner drivers, with plans to expand to include riders, food delivery agents, and merchants in the near future. This initiative marks a significant step in supporting the financial needs of the gig economy in Côte d’Ivoire.
Country Manager of Yango in Côte d’Ivoire, Mr. Kadotien Soro, emphasized the partnership’s potential impact, saying, “We are excited to partner with COFINA and Yabx to support our community. By providing this lending service to our partners’ drivers and users, we empower them to fulfill their dreams and achieve the desired results by investing in their businesses. This is a great opportunity, and I entreat all beneficiaries to take advantage of it and be diligent with the utilization of these funds in order to grow.”
Operating in over 30 countries, including several in Africa such as Côte d’Ivoire, Zambia, Ghana, Ethiopia, and others, Yango is one of the most trusted platforms in Côte d’Ivoire. The launch of the Driver Cash Advance service strengthens driver engagement and enhances financial accessibility, contributing to an improved experience for all users. With its user base growing rapidly, Yango offers drivers a seamless way to manage their cash flow and handle daily expenses more efficiently.
Yabx, leveraging AI and machine learning, analyzes digital footprints to create detailed financial identities for borrowers without prior access to formal credit. This approach allows drivers to receive cash advances in real-time, thereby fostering financial inclusion and empowering underserved communities.
“This partnership with Yango represents a key milestone in our mission to deliver financial services tailored to emerging markets. By embedding lending directly within the Yango platform, we are removing barriers to financial access and offering users quick and convenient access to capital,” said Puneet Chopra, Chief Growth Officer at Yabx.
The COFINA Group, dedicated to promoting financial inclusion and supporting SMEs and entrepreneurs, plays a crucial role in this initiative by providing necessary financing. “At COFINA, we firmly believe in the power of financial inclusion and digitalization to drive innovation and support players in the digital economy. This partnership with Yango and Yabx represents a significant step forward in offering financing solutions tailored to the needs of Yango drivers,” emphasized Mr. Amed Sié TOURE, Managing Director of COFINA Côte d’Ivoire.
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