The International Finance Corporation (IFC), the private sector arm of the World Bank Group, is evaluating an equity investment of up to $4 million in Gigmile Technologies, a mobility fintech active in Nigeria and Ghana. The proposed commitment would form part of the company's Series A round and support its expansion across both markets. The proposal remains under consideration, underscoring growing institutional confidence in lease-to-own financing for gig economy workers who lack traditional collateral.
A Proposed Equity Commitment
Gigmile was founded in 2022 by former Jumia country managers Kayode Adeyinka and Samuel Esiri. The company operates through its flagship platform, Gamma Mobility, which offers motorcycles, tricycles and cars to drivers, logistics operators and micro-entrepreneurs. Each lease bundles insurance, maintenance and regulatory documentation, with daily repayments capped at one-third of expected earnings.
Operational Traction and Investor Backing
Gigmile has raised $21 million in debt and equity to date, including a seed round led by Enza Capital with participation from Seedstars International Ventures and Norrsken Africa Fund. It has deployed more than 10,000 vehicles across 13 cities in Nigeria and Ghana, while 8,500 riders are active and 1,500 have gained vehicle ownership. Its 2025 impact report cites a 94 percent repayment rate, more than $2 million in monthly rider earnings and over $18 million in financed assets.
Manufacturing Alliances and Expansion Plans
Gigmile holds strategic alliances with four of the five leading light vehicle manufacturers globally, namely Yamaha, TVS, Bajaj and Hero, ensuring a supply of vehicles adapted for African road conditions. The company plans to expand into more than 15 additional cities over the next year and is targeting $100 million in financed mobility assets by 2027. It is also exploring personal mobility leasing for salaried professionals, embedded finance products and the adoption of electric and compressed natural gas vehicles.
Strategic Momentum in a Growing Market
In December 2025, Yango Group announced a strategic investment in Gigmile through its venture arm, Yango Ventures, marking its first investment in Nigeria. The partnership builds on an existing collaboration under which Gigmile provides car financing to drivers on the Yango ride-hailing platform in Ghana. The arrangement has been framed as beneficial for drivers, Yango and Gigmile through increased earning potential, a motivated fleet and stronger repayment confidence.
Financial Inclusion and IFC Rationale
The IFC sees its participation as a way to mitigate non-commercial risks and signal to prospective investors that the business model can scale. The corporation would also support improvements in environmental, social and governance standards, anti-money laundering controls and responsible lending practices. By demonstrating the viability of a vertically integrated lease-to-own model, Gigmile's expansion could encourage greater competition in vehicle lending across Nigeria and Ghana.
The proposed investment arrives as African startup funding crossed $3 billion in 2025, an increase of 33 percent from the previous year. Gigmile's lease-to-own approach addresses a persistent financing gap in which only about 5 percent of African small and medium enterprises access formal bank loans. If approved, the Series A commitment would support broader asset ownership among informal workers and reinforce the commercial case for full-stack mobility financing.