Gozem Vehicle Financing Platform

pending

 Gozem Pte Limited (the “Company”) is a Singapore based company with mobile transport reservation application that connects end-users (passengers and merchants) to transport providers with operations using motorbike taxis (moto-taxis).Gozem currently operates in Benin, Cameroon, Gabon, and Togo. IFC is partnering with the company to develop the Gozem Vehicle Financing Platform (the “Platform”) which is a lease-to-own platform and to implement Phase 1 of the platform in Togo and Benin, targeting 6,000 drivers, of which up to 5% are anticipated to adopt the use of electronic-bikes (“e-motor bikes”) (“the Project”). 10% of the vehicles deployed could include cars and rickshaws/tricycles to test the viability of the lease-to-own program for these vehicles. The platform will take the form of a special purpose company (Gozem Money Singapore) and financing from this special purpose company will be deployed to the two company’s subsidiaries in Benin and Togo (Gozem Money Benin and Gozem Money Togo respectively).    Gozem connects end-users with the following types of drivers: Drivers that operate under the platform using their own vehicles (if the moto taxis meet Gozem’s safety and quality standards) Drivers who lease vehicles from Gozem Drivers driving vehicles provided by a third-party fleet manager Drivers driving vehicles leased by Gozem to a fleet manager. Both Gozem Money Benin and Gozem Money Togo procure and lease bikes to drivers. Once the lease is fully paid over a 15–24-month period, ownership of bike transfers to the driver. Passengers’ payments are made through the Gozem proprietary e-wallet, connected to all local mobile money operators. Gozem charges a commission on any trip generated through the Gozem App. Gozem debits its commission and lease payment from drivers’ e-wallet and drivers receive payment from e-wallet. IFC and Gozem will collaborate to implement the following scope for the Pilot project which would involve the (i) development and implementation of a viable and scalable structure for the vehicle financing platform, including simplifying the overall corporate structure where possible, improving the governance structure of Gozem, reviewing management skills necessary for Gozem to achieve its expansion plans, development and implementation of a vehicle procurement and deployment plan; (ii) development and implementation of market expansion plans for the platform in Benin and Togo, (iii) market, legal, environmental, social, and regulatory review of future markets for the platform including but not limited to Gabon and Cameroon, (iv) IFC to provide guidance to Gozem for the implementation of the environmental and social action plan and insurance requirements, and (v) the deployment of capital to partially finance the procurement of up to 6,000 moto-taxis (including e-bikes) for the Project.