Yango, a global tech company operating in Côte d’Ivoire, has collaborated with Yabx, an embedded finance platform, and COFINA, a leading mesofinance institution, to introduce Driver Cash Advance—a digital lending service aimed at enhancing financial access for drivers on the platform. This initiative enables Yango drivers to access up to XOF 300,000 (USD 500) in cash advances, with flexible repayment terms ranging from two to eight weeks.
Initially exclusive to Yango’s driver partners, the service is set to expand to riders, delivery agents, and merchants, further solidifying Yango’s commitment to supporting financial inclusion in Côte d’Ivoire.
Empowering Drivers and Entrepreneurs
Speaking on the launch, Kadotien Soro, Country Manager for Yango Côte d’Ivoire, highlighted the transformative impact of the partnership.
“By offering financial assistance to our partners, we are empowering them to grow their businesses and improve their livelihoods. This initiative represents an opportunity for our drivers to invest in their futures responsibly and thrive in a competitive economy,” Soro said.
Yango has become a trusted platform in Côte d’Ivoire, facilitating millions of rides and deliveries monthly. With this new service, drivers can better manage their cash flow and meet daily expenses, ensuring smoother operations and a more satisfying experience for all users.
Leveraging AI for Financial Inclusion
Yabx, a Lending-as-a-Service (LaaS) platform, brings advanced AI and machine learning to the table. By analyzing borrowers’ digital footprints, Yabx builds detailed financial identities for individuals who previously lacked access to formal credit. This technology streamlines the loan application process, enabling drivers to receive real-time cash advances directly through the Yango app.
“Embedded lending is revolutionizing credit access in underserved regions,” said Puneet Chopra, Chief Growth Officer at Yabx. “Our partnership with Yango removes traditional barriers to financial services, paving the way for a sustainable gig economy across Africa.”
COFINA’s Commitment to Inclusion
As a leading mesofinance institution in West and Central Africa, COFINA plays a critical role in funding the Driver Cash Advance service. COFINA’s expertise in supporting SMEs and entrepreneurs complements this initiative, aligning with its mission to foster financial inclusion.
“Digitalization and financial inclusion are key to supporting the digital economy,” said Amed Sié Toure, Managing Director of COFINA Côte d’Ivoire. “This partnership is a step forward in providing innovative, tailored financing solutions for Yango drivers.”
