Yango Côte d’Ivoire, a key player in the African transportation ecosystem, has joined forces with COFINA (Compagnie Financière Africaine) and Yabx to launch a groundbreaking financial service called “Driver Cash Advance.” This innovative digital loan product aims to empower Yango drivers in Côte d’Ivoire by providing instant access to funds, fostering financial inclusion, and enhancing their operational efficiency.
A Game-Changer for Financial Accessibility in Transport
Through this collaboration, drivers can now secure instant cash advances of up to 300,000 FCFA (approximately USD 500), with flexible repayment options ranging from two to eight weeks. This service is designed exclusively for Yango drivers at launch, with plans to expand to other user groups, including delivery agents, merchants, and passengers.
Speaking about this initiative, Kadotien Soro, General Manager of Yango Côte d’Ivoire, emphasized the importance of supporting entrepreneurial drivers and enabling them to grow their businesses. “This partnership is a fantastic opportunity for our drivers to access much-needed financial assistance and invest in their activities to achieve greater success,” he said.
Smart Lending Solutions Powered by Technology
Yabx, an integrated finance platform specializing in lending solutions for underserved markets, leverages advanced AI and machine learning algorithms to analyze digital footprints and establish financial profiles for borrowers. By embedding the loan process directly into the Yango platform, Yabx ensures a seamless, real-time experience for drivers, facilitating financial empowerment.
COFINA: A Trusted Partner in Financial Inclusion
COFINA, a leading mesofinance institution in West and Central Africa, plays a critical role in providing the necessary financing to make this initiative a success. By championing inclusion through tailored financial solutions, COFINA enables Yango drivers to access loans easily while supporting the broader digital economy’s growth.
Amed Sié Touré, Managing Director of COFINA Côte d’Ivoire, remarked, “This partnership underscores our commitment to fostering financial inclusion and supporting digital innovation, ensuring Yango drivers benefit from solutions tailored to their needs. Together, we are paving the way for a more resilient and inclusive digital economy in Côte d’Ivoire.”
Impact on the African Transportation Ecosystem
The “Driver Cash Advance” service addresses the longstanding challenges of financial exclusion by introducing drivers to formal credit systems for the first time. This not only boosts their financial stability but also builds a credible credit history for them, enabling access to larger opportunities in the future.
Yango’s extensive presence across Africa—operating in countries such as Côte d’Ivoire, Ghana, Zambia, and Cameroon—positions this initiative to significantly impact the region’s transportation sector. By aligning financial inclusion with technological innovation, Yango, Yabx, and COFINA are setting a new benchmark for Africa’s digital and collaborative economy.
