Gozem Receives $10m From IFC to Finance 6,000 Vehicles in Togo and Benin
According to Gozem, a Francophone Africa-focused smart app, 12 million motor vehicle drivers work in informal markets across West and Central Africa. But there’s a catch: these drivers can’t have their automobiles financed through traditional banks or microfinance companies. Instead, many turn to payday lenders, who demand exorbitant interest rates—some as high as 70% yearly….
