Rwanda's Yego Moto joins list of cashless transport players

Rwanda is making significant strides in its goal of becoming a cashless society by 2020, sparking the rise of Internet of Things (IoT) infrastructure in the country. This initiative has paved the way for app developers to tap into the opportunity presented by the over 30,000 unregulated moto taxis operating in the region. Karan Viers Singh, the CEO and founder of Yego Innovision, recently shared insights on the innovative approach his company is taking in revolutionizing the transport sector in Rwanda. Yego Moto, the brainchild of Karan Viers Singh, is not just another hailing service; it is a meter service designed to enhance the efficiency and convenience of the moto taxi experience. Each motorcycle is equipped with a meter that calculates fares based on distance and time, eliminating the need for negotiation between riders and drivers. This seamless payment experience allows passengers to pay using mobile money, with future plans to transition to cashless options such as NFC, EMV, and bank cards, in line with Rwanda's cashless vision for 2020. Singh emphasized that while the meter service accounts for only about 10% of revenue, Yego Moto serves as a multifaceted platform with broader implications beyond transportation. By leveraging the excess capacity of moto drivers and connecting them to a wide range of service providers and consumers, Yego Moto is poised to become a comprehensive logistics and e-commerce platform for Rwanda. The innovative business model of Yego Moto is supported by a substantial investment of $14 million, covering essential components like data provision, GPS integration, and protective gear for riders. Singh highlighted that with Rwanda's sizable motorcycle market of 70,000 units, the initial investment is expected to scale efficiently as the project matures and generates revenue. While the upfront costs are significant, the long-term sustainability of the business model is underpinned by self-sustaining cash flows once the project gains momentum. Despite the promising prospects of Yego Moto, navigating the regulatory landscape poses challenges in a market where formal regulations for moto taxis are scarce. Singh underscored the importance of collaboration with government entities and industry stakeholders to ensure compliance and operational effectiveness. By securing agreements to outfit 100% of moto taxis with the Yego Moto system, the company is working towards establishing a transparent and standardized framework for the sector. When asked about the revenue projection and market dynamics, Singh shed light on the meticulous research that informed Yego Moto's entry strategy. Through comprehensive data analysis and market study, the company identified the untapped potential in Rwanda's moto transportation sector, estimating substantial daily revenue streams derived from the high volume of daily rides. Unlike traditional ride-hailing models, Yego Moto's street-hailing approach capitalizes on the ubiquity of moto taxis in Rwanda, offering a more accessible and reliable transportation solution. In comparing Yego Moto's model to global ride-sharing giants like Uber, Singh emphasized the need for localized solutions that cater to the unique needs and preferences of African consumers. While acknowledging the role of digital technology in enhancing service delivery, Singh emphasized the importance of inclusivity by providing alternatives for non-smartphone users and ensuring seamless street-hailing experiences for all passengers. By prioritizing safety, efficiency, and accessibility, Yego Moto aims to set a new standard for transportation services in Rwanda. As Yego Moto continues to revolutionize the transport sector with its innovative approach and IoT infrastructure, the company stands at the forefront of Rwanda's cashless revolution, driving economic growth and technological advancement in the region.