Yango, one of Côte d’Ivoire’s most trusted platforms, which handles millions of rides and deliveries each month through its partners, has teamed up with COFINA, a leading mesofinance institution in the country and Yabx, an embedded finance platform that builds credit profiles for thin or no-file customers, to introduce a driver cash advance service.
Through this digital loan product beneficiaries will have instant access to up to XOF300,000 (about US$500) cash advances and flexible repayment options of over two to eight weeks. This partnership is currently exclusive to Yango’s partners’ drivers, with plans to expand it to consumers, food delivery agents and merchants.
Yango operates in over 30 countries globally handling millions of rides and deliveries each month through its partners. The launch of the Driver Cash Advance service, it says, strengthens driver engagement and enhances financial accessibility for Yango’s community.
With its broad user base of drivers and riders growing as fast as 25+% year over year, Yango says it offers drivers a seamless way to manage their cash flow and handle daily expenses more efficiently.
Yabx, a lending-as-a-service (LaaS) platform, uses artificial intelligence and machine learning algorithms to analyse digital footprints and create detailed financial identities for borrowers without prior access to formal credit. By employing non-traditional methods of credit scoring and building an end-to-end loan journey on the Yango app, Yabx enables drivers to receive cash advances in real time.
Yabx has successfully developed and implemented a diverse range of financial solutions across Africa, Asia, and Latin America. These offerings include term loans, overdrafts, microloans, handset financing, and more, tailored to drive financial inclusion and empower underserved communities.
As a partner in this project, COFINA Côte d’Ivoire plays a key role in providing the necessary financing, ensuring Yango drivers have quick and simplified access to credit. The COFINA Group is dedicated to promoting financial inclusion by supporting small and medium-sized enterprises (SMEs) as well as entrepreneurs in their development.
