Gozem partners with IFC to finance 6,000 taxi-bike riders

Tuesday, 14 June 2022 16:51
Gozem partners with IFC to finance 6,000 taxi-bike riders

(Togo First) - Gozem announced yesterday, June 13, that it has sealed a $10 million (CFA6 billion) financing deal with the International Finance Corporation (IFC). The Uber-like startup said it would use the funds to help 6,000 taxi-bike riders, in Benin and Togo, get new vehicles and increase their earnings.

According to Gozem’s cofounder, Grégory Costamagna, IFC’s financing will help overcome financing issues that the firm’s champions face. "To finance the replacement of their vehicles, taxi-bike riders in West and Central Africa need $3 billion of loans yearly. We are therefore delighted that the IFC trusts Gozem to be at the forefront of providing affordable financing to these underserved communities," he said.

Part of the new funds will also enable Gozem to get electric bikes which, in the medium-long term, could replace gasoline-powered bikes. IFC and Gozem, in this framework, “are working together to test electric bikes in the operating conditions of taxi-bikes,” in the next 12 months. 

The new partners added that large-scale adoption of hybrid bikes would “not only help cut greenhouse gas emissions significantly but also allow riders to save money, by cutting on energy and maintenance fees.”

Gozem, let’s recall, has helped over 2,000 of its champions get vehicles in 14 months, through its V+ program. 

In 2021, the startup raised CFA3 billion from AAIC, Thunes (TransferTo), Momentum Ventures (SMRT), Innoport Ventures (Schulte Group), CMC Ventures (National Express), and Liil Ventures (Mobility ADO) to expand across French-speaking Africa.

Esaïe Edoh

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