Yango partners with Yabx and COFINA to launch In-App Digital Lending Services in Cote d’Ivoire
As part of the Sunshine Group, a global technology company that provides day-to-day services, Sunshine in Côte d’Ivoire partners with COFINA and Yabx, the leading intermediary financial institutions in Côte d’Ivoire (https://Yabx.co/), an embedded financial platform that builds credit profiles for thin/no-document customers to introduce driver cash advance services. This is a digital loan product that will improve access to credit for many individuals and businesses. Beneficiaries will have immediate access to cash advances of up to 300,000 CFA francs ($500) and flexible repayment options over two to eight weeks. Currently, the partnership is limited to Sunshine City partner drivers, with plans to expand to consumers (passengers), food delivery agents and merchants.
Mr. Kadotien Soro on the impact of the partnership nation manager of it exist cote island ivory, The importance of helping entrepreneurs and drivers supporting partners to obtain financial assistance to grow their businesses was emphasized.
“We are pleased to partner with COFINA and Yabx to support our community. By offering this loan service to our partners’ drivers and users, we enable them to realize their dreams and achieve desired results by investing in their businesses. This is a great opportunity and I implore all beneficiaries to take advantage of it and utilize the funds diligently for growth,” he said.
Sunshine City operates in more than 30 countries around the world, including African countries such as Cote d’Ivoire, Zambia, Ghana, Ethiopia, Democratic Republic of Congo, Angola, Mozambique, Cameroon, Senegal and Namibia. With the user base growing exponentially and the industry compound annual growth rate reaching 5.96%, the scale of providing inclusive finance to previously underserved market segments will only grow.
Yango is one of the most trusted platforms in Côte d’Ivoire, handling millions of rides and deliveries every month through its partners. The launch of the Driver Cash Advance service enhances driver engagement and financial accessibility in the Sunshine City community, helping to improve the experience for all users. Sunshine City has an extensive driver and passenger user base with an annual growth rate of over 25%, providing drivers with a seamless way to manage cash flow and handle daily expenses more efficiently.
Yabx is a cutting-edge Lending-as-a-Service (LaaS) platform that uses artificial intelligence and machine learning algorithms to analyze digital footprints and create detailed financial identities for borrowers without having to obtain formal credit beforehand. Adopting a non-traditional credit scoring method to build an end-to-end loan journey on the Sunshine APP; Yabx enables drivers to receive advances in real time. Yabx has successfully developed and implemented a variety of financial solutions in Africa, Asia and Latin America. These products include term loans, overdrafts, micro loans, mobile financing and more, designed to drive financial inclusion and empower underserved communities.
Puneet Chopra, Chief Growth Officer, Yabxcommented: “The partnership with Sunshine City is an important milestone in our mission to provide tailored financial services to emerging markets. By embedding loans directly into the Sunshine City platform, we are removing barriers to financial access and providing users with fast and convenient access to finance. We believe embedded lending has the potential to transform access to credit in underserved areas and contribute to a more sustainable gig economy across Africa.”
COFINA Group is a leader in intermediary finance in West and Central Africa, committed to promoting financial inclusion by supporting the development of small and medium-sized enterprises (SMEs) and entrepreneurs. As a partner in this innovative project, COFINA in Côte d’Ivoire plays a key role in providing the necessary financing and ensuring that Sunshine City drivers have quick and streamlined access to credit. Drawing on its extensive experience and reach across the continent, COFINA reaffirms its commitment to supporting initiatives aimed at strengthening the platform economy and promoting inclusive economic growth in Côte d’Ivoire and beyond.
“At COFINA, we firmly believe that financial inclusion and digitalization can drive innovation and support digital economy players. The partnership with Sunshine City and Yabx represents an important step forward in providing financing solutions that meet the needs of Sunshine City drivers. We are proud to play a role in this initiative that paves the way for a more inclusive and resilient digital economy in Côte d’Ivoire” stressed Mr. Amed Sié TOURE, Managing Director of COFINA in Côte d’Ivoire.
The integration of data-driven lending models and artificial intelligence technology in the financial sector can enable rapid expansion of financial services without increasing significant risks. This innovation not only enables drivers to obtain formal loans for the first time, but also brings them a streamlined user journey that is aligned with drivers’ immediate needs. Through this process, individuals and small businesses that make up the “missing middle” of the African ecosystem (and are not the core customers of MFIs or traditional banks) can be considered credible borrowers with legitimate credit scores.
This service is designed to enhance the financial stability of drivers, allowing them to focus on their work without facing financial stress. Yabx, Yango and COFINA are proud to be leading the way in delivering inclusive financial solutions and supporting the development of a sustainable gig economy across Africa.
Distributed by APO Group on behalf of Yabx.
Media Contact:
it
pr@yango.com
Yabux
press@yabx.co
coffin:
Nanga Solo
nanga.soro@cofinacorp.com
About Sunshine City Group:
Sunshine City Group is a technology company dedicated to transforming global technologies into daily services tailored for local communities. The company is unswervingly committed to innovation, reshaping and enhancing the world’s leading cutting-edge technologies to provide seamlessly integrated daily services to different regions.
Their mission is to bridge the gap between the world’s leading innovations and local communities, fostering connections and enhancing everyday experiences.
For more information please contact: pr@yango.com
About Coffina:
COFINA is the first pan-African financial institution dedicated to small and medium-sized finance, the “missing middle” between microfinance and traditional banks, which provides small and medium-sized enterprises with easier access to credit. Operating in eight African countries (Burkina Faso, Congo, Côte d’Ivoire, Gabon, Guinea, Mali, Senegal, Togo) and France (with a subsidiary specifically for the diaspora), COFINA has become a model for supporting entrepreneurs as well as in West Africa and SMEs in Central Africa. COFINA serves entrepreneurs and SMEs with financing needs by offering meso and microfinance, insurance/bancassurance products, mobile and e-banking products, social housing finance, and structured finance to its clients and operating in compliance with international standards Support is too large for microfinance institutions and not well structured for traditional banks.
COFINA’s mission is to create added value for its partners and participate sustainably in the development of the African continent.
For more information, please visit our website: www.GroupeCOFINA.com / www.COFINACotedIvoire.com
About Yabx:
Yabx is revolutionizing credit access in emerging markets across Africa, Asia and Latin America through its cloud-based lending platform. By leveraging digital footprints, artificial intelligence and diverse data partnerships, we provide personalized credit scores and limits to underserved individuals and businesses.
We responsibly enhance financial inclusion by carefully crafting the financial personalities of new credit customers while building, operating and digitizing the entire lending process.
For more information, please visit our website: https://Yabx.co/
