YALO’s Transforming Affordable Housing in Africa with Flexible Rental Solutions
In a region where housing affordability is a significant concern, YALO emerges as a revolutionary force, aiming to provide every employed African with the opportunity to live in a decent home of their choice. By offering the flexibility and convenience of monthly rental payments, YALO is set to make a profound impact on the African rental market.
A Solution to Nigeria’s Rental Crisis
YALO‘s inception is rooted in the personal experiences of one of its co-founders, Dele Ijaiya-Oladipo, after spending over a decade in the United Kingdom as an investment banker, he returned to Nigeria only to face the harsh reality of the Nigerian rental market, which requires two years’ rent upfront. This financial burden caused immense stress and anxiety, forcing Dele to couch-surf and work extra jobs to save enough for a lump-sum payment. His struggle highlighted a widespread issue faced by many employed Africans who, despite having stable jobs, cannot afford to rent a home of their choice.
Mission and Vision
YALO, launched in October 2022, is driven by the mission to empower employed Africans by increasing their access to disposable income for rent purposes, enabling them to invest their own savings in education, travel and other family needs. By eliminating the burden of hefty rent deposit payments, YALO is transforming lives and creating opportunities for financial freedom.
“Our mission is to provide every employed African with the opportunity to live in a decent home of their choice, offering the flexibility and convenience of monthly rental payments.”
Platform and Technology
YALO leverages cutting-edge technology to streamline the rental process and enhance the tenant experience. Their platform’s advanced algorithms quickly assess and approve applications, ensuring qualified applicants secure housing without delay. The user-friendly mobile app allows tenants to manage payments, view lease agreements, and access support easily, increasing transparency and convenience.
YALO’s “Rent Now, Pay Later” solution, in partnership with employers, provides monthly rental financing as an employee benefit. This covers upfront rental costs, allowing employees to repay through manageable monthly deductions aligned with their salary schedules. Employees can choose from over 25,000 properties nationwide via Nigeria Property Centre, with up to N5,000,000 ($3,000) in financing available, eliminating large upfront payments.
For employers, this solution helps attract and retain top talent, maintain cash flow, and boost employee morale and productivity.
Aspiring Impact
In Nigeria and across many African nations, renters often face the burden of paying 12 to 24 months’ rent upfront, which can significantly strain households financially. YALO partners with businesses to make their rental financing platform service available to staff. The startup assumes the annual rental before landlords on behalf of their customers, while they repay monthly in a flexible way. With their solution, YALO not only alleviates financial pressure but also empowers more individuals to secure stable housing, contributing meaningfully to the affordable housing landscape.
Recent Successes
YALO has made remarkable strides since its inception. In June 2024, the startup was recognized as one of the top 10 most innovative startups in Nigeria by the Nigerian Sovereign Investment Authority. This accolade has opened up numerous opportunities for growth, including funding, networking, and partnerships.
YALO’s impact extends across all 36 states in Nigeria, thanks to its recent expansion. The startup has signed two strategic financing partnerships, enabling them to offer rental values of up to NGN5 million (US$3,116) to potential renters. Additionally, a partnership with a leading logistics company in Africa ensures that monthly rental payments are accessible and home moves are hassle-free, allowing Nigerians to rent with ease and move with confidence.
The Journey Ahead
YALO is on a mission to continue innovating and expanding, making affordable and flexible housing solutions accessible to more Africans. By leveraging technology and forming strategic partnerships, YALO is poised to reduce financial pressures on employed Africans and immigrant professionals alike. Join YALO’s journey to transform affordable housing in Africa and build a brighter, more sustainable future for all.
Follow and support YALO’s inspiring journey by visiting their website and connecting with them on social media.
Partnership with Habitat for Humanity
YALO is one of the proud inaugural participants of the first-ever sheltertech vertical under Startup Wise Guys’ 2024 accelerator program, with strongsupport and partnership from Habitat for Humanity. As a global leader in helping scale innovative solutions in the affordable housing sector, Habitatbrings immense value to this initiative, providing:
- Program Funding: Full coverage of all associated program costs, valued at €35K.
- Equity-Free Funding: €20K in direct, equity-free funding to propel development and growth.
- Potential Investment Opportunities: From Startup Wise Guys’ PropTech fund.
Habitat for Humanity’s support is at the cornerstone of scaling sheltertech solutions, empowering startups like YALO to innovate and make housing more affordable, resilient, and sustainable across Africa and beyond.
