Grace Ashiru
The International Finance Corporation is considering an equity investment of up to $4 million in Gigmile, a mobility-financing company that helps commercial drivers and micro-entrepreneurs acquire vehicles through lease-to-own arrangements.
The proposed transaction would form part of Gigmile’s Series A financing round
Importantly, the transaction remains proposed rather than completed. IFC has disclosed the potential investment for consideration, meaning the $4 million should not yet be described as money already invested in the company.
Gigmile operates primarily in Nigeria and Ghana and finances two- and three-wheel commercial vehicles used in passenger transport, delivery services and logistics.
Its model is designed for workers who may struggle to obtain loans from conventional financial institutions because they lack formal credit histories, significant collateral or other documentation typically required by banks.
Rather than asking customers to purchase vehicles outright, Gigmile offers lease-to-own arrangements.
Drivers make regular payments while using the vehicles to generate income, with ownership transferring after the agreed financing obligations have been completed.
The approach allows customers to use the financed asset to help repay the cost of acquiring it.
Gigmile was co-founded by Kayode Adeyinka and has attracted backing from investors including Enza Capital, Techstars and Seedstars Ventures.
The company has deployed more than 10,000 vehicles across Nigeria and Ghana and has sought to build additional services around drivers participating in the gig and logistics economy.
If approved, IFC’s proposed investment would give Gigmile additional resources to scale its operations while also supporting improvements in corporate governance, responsible lending and environmental and social standards.
The transaction also fits IFC’s broader objective of improving access to productive assets for entrepreneurs who remain underserved by conventional financial institutions.
For Gigmile, the investment could support expansion of a model positioned between fintech and asset finance.
Rather than providing unsecured consumer loans, the company finances vehicles that customers can use to earn income.
That distinction is significant because it links credit directly to productive economic activity and gives both borrowers and lenders an asset around which the financing arrangement can be structured.
