Zambia
Yango Zambia, LOLC Finance launch drive to own initiative for partner for partner drivers
Yango Zambia, part of the global tech company Yango Group, has launched the Drive to Own initiative in partnership with LOLC Finance, creating a pathway for eligible partner drivers to access vehicle financing and work towards owning the vehicles they use. Through the initiative, eligible…
Picture: Zambia Monitor
Yango Zambia, part of the global tech company Yango Group, has launched the Drive to Own initiative in partnership with LOLC Finance, creating a pathway for eligible partner drivers to access vehicle financing and work towards owning the vehicles they use.
Through the initiative, eligible partner drivers can access financing for quality pre-owned vehicles with an initial contribution of 10%. The programme is designed to help address one of the barriers to vehicle ownership for partner drivers who currently rely on rented vehicles.
Over 200 vehicles have already been financed for partner drivers within the first few weeks of the programme.
“Our partner drivers play a very important role in the growth of Yango, and for many of them, a vehicle is not only a means of transport but also an important income-generating asset. Through our partnership with LOLC Finance, we are creating a practical pathway for partner drivers to move from renting vehicles towards owning them and building an asset for their future,” said Kabanda Chewe, Country Head, Yango Zambia.
“Vehicle ownership can create opportunities that extend beyond the platform, helping drivers build an asset that can support their families and their longer-term economic goals. Seeing close to 200 vehicles already financed is an encouraging start, and we look forward to enabling more partner drivers to take a step towards ownership,” Chewe added.
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The opportunity is initially open to all eligible Yango partner drivers. To successfully access the facility, applicants are required to complete the application process, meet the applicable financing requirements set by LOLC Finance and make an initial 10% contribution towards the vehicle.
The first 1,000 successful applicants will also receive additional benefits, including a full tank fuel voucher, free vehicle registration and a free first service, covering oils and filters, subject to applicable terms and conditions. Interested partner drivers can apply by contacting Support through the Yango Pro app.
Andycell Phiri of LOLC Finance Zambia said access to vehicle ownership can remain challenging for many people because of the financial barriers associated with purchasing a car.
“Owning a vehicle can require significant upfront capital, which can put ownership out of reach for many people even when that vehicle has the potential to support their livelihood. Through this partnership with Yango, we are looking at how financing can respond to that challenge by providing eligible partner drivers with a more accessible and structured route towards owning a vehicle, starting with a 10% initial contribution,” said Phiri.
The Drive to Own initiative is initially available to eligible Yango partner drivers in Lusaka and the Copperbelt. In the longer term, Yango also plans to explore opportunities to introduce more electric vehicles onto the platform through the initiative.
The programme builds on Yango Zambia’s work with local financial institutions to expand access to productive assets for its partner driver and courier communities.
It follows a recent collaboration with Good Fellows Distributors, X-Energy and Micro Finance Zambia Limited (MFZ), which introduced motorcycle financing for eligible partner couriers seeking to move from renting motorcycles towards owning the assets they use to fulfil delivery orders.
Together, the initiatives form part of Yango Zambia’s broader approach to working with local partners to create practical pathways to asset ownership and support economic opportunities for partner drivers and couriers.
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