Gigmile, a trailblazing financial services company empowering gig economy workers in Africa, has announced a significant expansion of its vehicle financing program to include cars for ride-share drivers. This strategic move marks a significant step up from the company’s initial focus on motorcycles and three-wheelers, providing drivers with greater earning potential and stability. Collaborating with Yango Taxi, a prominent ride-hailing platform, Gigmile is set to provide drivers in Ghana with access to affordable car loans, addressing the critical need for access to productive assets and sustainable income sources in the African gig economy.
A Triple Win for Drivers, Yango, and Gigmile
This initiative represents a win-win-win scenario for all parties involved:
- Drivers: Gain the opportunity to own a car, significantly increasing their earning potential, improving their livelihoods, and offering a pathway to financial security.
- Yango: Benefits from a motivated driver fleet equipped with well-maintained vehicles, translating into enhanced service quality and improved customer experiences.
- Gigmile: Expands its loan portfolio with increased confidence in repayment due to drivers’ reliable income stream through the Yango platform, contributing to the company’s financial growth.
Reflect Ventures, an early-stage venture capital firm and an investor in Gigmile, has expressed pride in the company’s accomplishments and its transformative impact on the lives of gig workers. Having invested $120,000 in Gigmile in February of the previous year, Reflect Ventures recognizes the company’s potential to drive economic growth and financial inclusion in the region.
Jim Chu, Founder and CEO of Untapped Global, a key partner in Gigmile’s innovative Smart Asset Financing model, also highlighted the model’s ability to bridge the financing gap faced by millions of gig workers across the African continent.
Thriving Gig Economy in Africa
Africa’s gig economy is experiencing rapid growth, fueled by a burgeoning young population and limited formal employment opportunities. Projections estimate a staggering 80 million online gig workers by 2030. Gig platforms are emerging as a potent solution to harness this demographic dividend and revolutionize the informal sector, which currently accounts for 55% of Sub-Saharan Africa’s GDP.
Gigmile’s pioneering approach to addressing the unique challenges faced by gig workers has garnered widespread recognition from investors and industry experts alike. Through strategic partnerships with e-commerce platforms, ride-hailing services, and logistics companies, Gigmile is fostering a sustainable ecosystem that empowers individuals and fuels economic growth.
As Gigmile expands its footprint and impact with the latest partnership with Yango in Ghana, the company says it remains steadfast in its mission to provide accessible financial services, training, and income-generating opportunities to gig workers throughout Africa. With the strategic expansion into car financing, Gigmile is poised to play a pivotal role in shaping the future of work on the continent.
A Look at Gigmile
Founded in 2022 by Kayode Adeyinka and Samuel Esiri, Gigmile is a dynamic financial services platform dedicated to empowering gig economy workers in Africa. By offering access to asset financing, training, and income avenues, Gigmile is revolutionizing the way individuals participate in the digital economy. The company has received investments, including from Reflect Ventures and Untapped Global. It also boasts participation in the prestigious Techstars Toronto Accelerator, which invests up to $120,000 in participating startups.