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

Transport

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

REFORMS OVERVIEW

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At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

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In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

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PUBLIC PROCUREMENT (more info)

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