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Yango partners with Yabx and COFINA to launch In-App Digital Lending Services in Cote d’Ivoire

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Yango

The launch of the “Driver Cash Advance” service strengthens driver engagement and enhances financial accessibility for Yango’s community, contributing to an improved experience for all users

ABIDJAN, Ivory Coast, December 10, 2024/APO Group/ — 

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 leading mesofinance institution in the country and Yabx (https://Yabx.co/), 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 (USD 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.

Speaking about the partnership’s impact, Mr. Kadotien Soro, the 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.

‘’We are excited to partner with COFINA and Yabx to support our community. By providing this lending service to our partners’ drivers and users, we empower them to fulfill their dreams and achieve the desired results by investing in their businesses. This is a great opportunity and I entreat all beneficiaries to take advantage of it and be diligent with the utilization of these funds in order to grow’’ he said.

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. With an exponentially growing user base and an industry CAGR of 5.96%- the scale of providing financial inclusion to previously underserved segments will only get wider.

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 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.

We believe embedded lending has the potential to transform access to credit in underserved regions and contribute to a more sustainable gig economy across Africa

Yabx, a cutting-edge Lending-as-a-Service (LaaS) platform, uses AI and machine learning algorithms to analyze 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 app;  Yabx enables drivers to receive cash advances in real time.  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, “This partnership with Yango represents a key milestone in our mission to deliver financial services tailored to emerging markets. By embedding lending directly within the Yango platform, we are removing barriers to financial access, offering users quick and convenient access to capital. We believe embedded lending has the potential to transform access to credit in underserved regions and contribute to a more sustainable gig economy across Africa.”

The COFINA Group, a leader 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. As a partner in this innovative project, COFINA Côte d’Ivoire plays a key role in providing the necessary financing, ensuring Yango drivers have quick and simplified access to credit. With its experience and continental reach, COFINA reaffirms its commitment to supporting initiatives aimed at strengthening platform economies and contributing to inclusive economic growth in Côte d’Ivoire and beyond.

“At COFINA, we firmly believe in the power of financial inclusion and digitalization to drive innovation and support players in the digital economy. This partnership with Yango and Yabx represents a significant step forward in offering financing solutions tailored to the needs of Yango drivers. We are proud to play a role in this initiative, which paves the way for a more inclusive and resilient digital economy in Côte d’Ivoire” emphasized Mr. Amed Sié TOURE, Managing Director of COFINA Côte d’Ivoire.

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 recognized as 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 financial strain. Yabx, Yango, and COFINA are proud to be leading the way in providing inclusive financial solutions and supporting the growth of a sustainable gig economy across Africa.

Distributed by APO Group on behalf of Yabx.

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Genesis Energy Chief Executive Officer (CEO) to Discuss Energy Expansion at Congo Energy & Investment Forum

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Genesis Energy

Akinwole Omoboriowo II will discuss Genesis Energy’s plan to deliver 10.5 GW of power across Africa, highlighting how Nigeria’s power sector experience can inform the development of the Republic of Congo’s domestic energy grid and gas export potential

BRAZZAVILLE, Republic of the Congo, January 20, 2025/APO Group/ — 

Akinwole Omoboriowo II, CEO of Genesis Energy, will speak at the Congo Energy & Investment Forum (CEIF) in Brazzaville this March, where he will discuss the company’s plans to deliver 10.5 GW of power across Africa, with a focus on energy initiatives that align with the Republic of Congo’s energy development goals.

Genesis Energy is driving transformational power projects, including providing 334MW to the Port Harcourt Refinery in Nigeria and plans to produce 1 GW within the WAEMU region. In October 2024, Genesis and BPA Komani announced their strategic partnership to mobilize capital and facilitate critical infrastructure projects focused on renewable energy, particularly Battery Energy Storage Systems across Africa. Additionally, Genesis’ recent MOU with the U.S. Agency for International Development will mobilize $10 billion for green energy and renewable projects, supporting Africa’s transition to a sustainable energy future.

The inaugural Congo Economic and Investment Forum, set for March 25-26, 2025 in Brazzaville, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

During CEIF 2025, Omoboriowo will explore how Genesis’ successful energy infrastructure development projects in Africa, combined with private sector innovation, can guide the Republic of Congo in strengthening its energy security and achieving its decarbonization goals. By leveraging its expertise in clean energy and strategic partnerships, Genesis Energy is poised to play a key role in helping the Republic of Congo harness its energy potential and expand its regional energy influence.

The Republic of Congo’s renewable energy sector is in a phase of growth, with increasing interest in solar, hydro and wind energy projects. Battery energy storage capacities are also gaining traction as a vital component of the country’s energy infrastructure, helping to balance supply and demand. The government is focusing on diversifying its energy mix to reduce dependency on fossil fuels and enhance grid reliability. Looking ahead, the Congo aims to expand its renewable energy capacity and integrate storage solutions to meet growing domestic and regional energy needs while supporting environmental sustainability.

Distributed by APO Group on behalf of Energy Capital & Power.

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Eni, TotalEnergies Announce New Exploration Projects in Libya

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National Oil Corporation

Eni is launching three exploration plays, TotalEnergies is expecting promising results from its recent onshore exploration project, and other developments were shared during an upstream IOC-led panel at the Libya Energy & Economic Summit

TRIPOLI, Libya, January 19, 2025/APO Group/ — 

Libya’s National Oil Corporation (NOC) and international energy companies TotalEnergies, Eni, OMV, Repsol and Nabors outlined key exploration milestones and strategies to advance oil and gas production in Libya at the Libya Energy & Economic Summit 2025 on January 18.

Among the key developments highlighted were TotalEnergies’ recent onshore exploration project and promising exploration opportunities in the Sirte and Murzuq basins.

“With 40% of Africa’s reserves, Libya remains largely untapped,” said Julien Pouget, Senior Vice President for the Middle East and North Africa at TotalEnergies. Pouget shared TotalEnergies’ plans for 2025, including the completion of an onshore exploration project and new exploration in the Waha and Sharara fields. “We expect results next week,” he added.

Luca Vignati, Upstream Director at Eni, echoed optimism for Libya’s potential and outlined the company’s ongoing investment initiatives in the country. “We are launching three exploration plays – shallow, deepwater and ultra-deep offshore. No other country offers such opportunities,” Vignati stated. He also highlighted the company’s investments in gas projects, including over $10 billion for the Greenstream gas pipeline and a CO2 capture and storage plant in Mellitah.

Repsol affirmed its commitment to advancing exploration in Libya, focusing on overcoming industry challenges and achieving significant production milestones.

We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore

“Over the past decade, Libya has made remarkable efforts to fight natural field decline and encourage exploration,” said Francisco Gea, Executive Managing Director, Exploration & Production at Repsol. “We have reached 340,000 barrels per day. The two million target is within reach, and as international companies, we have the responsibility to bring capacity and technology.”

“Innovation is key to maximizing production and accelerating exploration. By deploying cutting-edge solutions, Nabors can enhance efficiency, reduce costs and ensure safer operations,” added Travis Purvis, Senior Vice President of Global Drilling Operations at Nabors.

Bashir Garea, Technical Advisor to the Chairman of the NOC, highlighted the country’s immense oil and gas potential. “We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore,” he said. He also pointed to Libya’s sizable gas reserves, noting, “Libya has 122 trillion cubic feet of gas yet to be developed. To unlock this potential, we need more investors and new technology, particularly for brownfield revitalization.”

“Our strategy spans the entire value chain. Strengthening infrastructure is essential to maximizing production and efficiency,” said Hisham Najah, General Manager of the NOC’s Investment & Owners Committees Department.

NJ Ayuk, Executive Chairman of the African Energy Chamber and session moderator, underlined Libya as a prime destination for foreign investment: “Libya is at the cusp of a new energy era. The time for bold investments and strategic partnerships is now.”

Distributed by APO Group on behalf of Energy Capital & Power.

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Libya’s Oil Minister: Brownfields, Local Investment Key to 2M Barrels Per Day (BPD) Production

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Libya’s Oil & Gas Minister outlined plans to boost production to 1.6 million bpd in 2025 and 2 million bpd long-term, with brownfield development and local investment at the core, during the Libya Energy & Economic Summit

TRIPOLI, Libya, January 19, 2025/APO Group/ — 

Libya is setting its sights on boosting oil production to 2 million barrels per day (bpd) within the next two to three years, with brownfield development and local investment identified as critical drivers of this growth. Speaking at the Libya Energy & Economic Summit (LEES) in Tripoli on Saturday, Minister of Oil and Gas Dr. Khalifa Abdulsadek outlined the country’s strategy to reach 1.6 million bpd by year-end and laid the groundwork for longer-term growth.

“There are massive opportunities here, massive fields that have been discovered, but a lot of fields have fallen between the cracks,” stated Minister Abdulsadek during the Ministerial Panel, Global Energy Alliance – Uniting for a Secure and Sustainable Energy Future. “We want to make sure local oil companies take part. We also want to leverage the upcoming licensing round to support our planned growth in the oil sector.”

The minister’s remarks were complemented by a strong call for international participation in Libya’s upcoming licensing round, signaling the government’s commitment to fostering collaboration and maximizing the potential of its energy sector.

Highlighting Libya’s vast natural gas potential – with reserves of 1.5 trillion cubic meters – Mohamed Hamel, Secretary General of the Gas Exporting Countries Forum, stressed the need for enhanced investment in gas projects. He pointed to ongoing initiatives like the $600 million El Sharara refinery as opportunities to stimulate economic diversification.

There are massive opportunities here, massive fields that have been discovered, but a lot of fields have fallen between the cracks

“Natural gas is available,” Hamel stated, adding, “It is the greenest of hydrocarbons and we see natural gas continuing to grow until 2050.”

The panel also tackled the global energy transition, emphasizing Africa’s unique challenges and the need for the continent to harness its resources to achieve energy security. Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), underscored the critical need for finance, technology and reliable markets to drive progress.

“At APPO, we have noted three specific challenges for the African continent. Finance, technology and reliable markets,” he stated, questioning whether Africa can continue to depend on external forces to develop its resources.

As one of Africa’s top oil producers, Libya holds an estimated 48 billion barrels of proven oil reserves. The country’s efforts to expand production, attract investment and drive innovation are central to the discussions at LEES 2025. Endorsed by the Ministry of Oil and Gas and National Oil Corporation, the summit has established itself as the leading platform for driving Libya’s energy transformation and exploring its impact on global markets.

Distributed by APO Group on behalf of Energy Capital & Power.

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