INTELLIGENT BRANDS // Mobile Technology
Yango partners with Yabx and COFINA to launch digital lending services in Cote d ’ Ivoire
In a significant partnership , Yango in Côte d ’ Ivoire , part of Yango Group , a global technology company that creates daily services , has teamed up with COFINA , a mesofinance institution in the country and Yabx , an embedded finance platform that builds credit profiles for thin , no file customers to introduce a Driver Cash Advance service . This is a digital loan product that will improve access to credit for many individuals and businesses .
Beneficiaries will have instant access to up to XOF 300,000 , 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 to consumers , riders , food delivery agents and merchants . and enhances financial accessibility for Yango ’ s community , contributing to an improved experience for all users .
With its broad user base of drivers and riders growing as fast as 25 +% year over year , Yango 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 AI 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 application , Yabx enables drivers to receive cash advances in real time .
Speaking about the partnership ’ s impact , Kadotien Soro , Country Manager of Yango in Côte d ’ Ivoire , underscored the importance of enabling entrepreneurs and supporting partners ’ drivers to access financial assistance to grow their businesses .
Yango operates in over 30 countries globally including various African countries like Côte d ’ Ivoire , Zambia , Ghana , Ethiopia , RD Congo , Angola , Mozambique , Cameroon , Senegal and Namibia .
Yango , one of Côte d ’ Ivoire ’ s most trusted platforms , handles millions of rides and deliveries each month through its partners . The launch of the “ Driver Cash Advance ” service strengthens driver engagement
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 .
Puneet Chopra , Chief Growth Officer at Yabx , commented , “ By embedding lending directly within the Yango platform , we are removing barriers to financial access , offering users quick and convenient access to capital .”
The COFINA Group , a provider in mesofinance in West and Central Africa , is dedicated to promoting financial inclusion by supporting small and medium-sized enterprises , SMEs as well as entrepreneurs in their development .
The integration of data-driven lending models and AI technology in the financial sector allows for the rapid expansion of financial services without adding significant risk . This innovation not only enables drivers to access formal loans for the first time but also introduces them to a simplified , streamlined user journey aligned with the driver ’ s immediate needs .
Through this process , individuals and little businesses , constituting the missing middle of African ecosystems who are not the core customers of microfinance institutions or traditional banks , can be recognised as credible borrowers with legitimate credit scores . p
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