SwapVend: The Digital Taxi Wants To Revolutionise SA’s Informal Economy

In the bustling townships of South Africa, where unemployment hovers at 32.9% and economic exclusion remains a daily reality, a groundbreaking digital platform is rewriting the rules of engagement.

SwapVend, founded by Ashmita Singh, is not just another fintech solution – it’s a radical reimagining of how the informal economy can participate in the digital age.

“SwapVend acts as a digital taxi, connecting people to opportunity and creating a space where their value is seen and exchanged on their own terms,” explains Singh, whose own journey from the townships of Chatsworth and Phoenix to social entrepreneur informs every aspect of the platform.

The Woman Behind the Vision: Singh’s Journey

Born in Chatsworth and raised in Phoenix – two South African townships shaped by apartheid’s legacy – Singh’s upbringing instilled a deep understanding of economic exclusion.

 “I grew up in a community with limited access to opportunity, which shaped my hunger to find new pathways, not just for myself, but for others,” she reflects.

Her academic journey took her to Johannesburg where she earned her BCom and Honours in Accounting. But it was her early venture, Party4Change – a simple R5 coin concept that connected the entertainment industry to fundraising – that first demonstrated her knack for innovative economic solutions.

Corporate Experience Meets Social Mission

Singh’s corporate career peaked as Head of Finance for a R6B logistics division at AB InBev, where she developed scalable models for entrepreneurial growth. However, in 2018, she made a pivotal decision.

“I left corporate to pursue my purpose: bringing economic access back to the communities that shaped me,” she states.

Her subsequent roles as COO of Youth Employment Services and leader of Safe-Hub (building infrastructure across 14 townships) deepened her understanding of South Africa’s unemployment crisis and the untapped potential of the informal economy.

Understanding the Problem: South Africa’s Informal Economy Challenge

South Africa consistently ranks among the world’s most unequal nations with a Gini coefficient of 63.0. While the township economy contributes approximately 5.2% to national GDP, its participants remain largely excluded from formal economic systems.

“Traditional economic models weren’t designed with township entrepreneurs in mind,” Singh observes.

“They face impossible choices: compete in saturated local markets with low disposable incomes or incur prohibitive transportation costs to reach urban centers.”

The Digital Divide Compounding the Problem

With only 64% of South Africans owning smartphones and even fewer having reliable internet access, most digital platforms automatically exclude informal traders.

“Existing solutions assume users have business knowledge, technology access, and capital to trade,” Singh notes. “That’s simply not the reality for most.”

The SwapVend Solution: How It Works

Core Features Breaking Down Barriers

1. AI Digital Mentor: Guides users through identifying marketable skills and building confidence
2. Contextual Learning Modules: Breaks down business concepts into practical, applicable lessons
3. Hybrid Marketplace: This is a feature to showcase user value and offerings. A matching of supply and demand.
4. Kasi Maps: Hyper-local alternative to traditional mapping that highlights micro-enterprises

Innovative Approach To Digital Inclusion

Understanding that 36% of South Africans lack smartphone access, SwapVend employs several groundbreaking solutions:

• Physical Digital Taxis: Mobile units providing platform access and training
• Multi-delivery approach: Swapvend offers a variety of delivery options for access.
• Offline Onboarding: Community partners guide initial engagement

“Unlike other platforms that expect users to come to them digitally prepared, we meet people where they are – geographically, technologically, and economically,” Singh emphasises.

Beyond Visibility: Building Sustainable Enterprises

SwapVest VC & Stokveld: Democratizing Access to Capital

The platform includes revolutionary funding mechanisms:

• SwapVest VC: Allows investors to track and fund businesses based on real performance data
• Stokveld: Enables community investment pools using familiar collective models

“Access without growth is a dead end,” Singh states. “These tools help traders transition from survivalist to sustainable businesses.”

Incubation Support For Long-Term Success

The platform wraps around users with:

• Practical business mentorship
• Franchise development pathways
• Market access strategies

Impact Measurement: More Than Just Numbers

For Singh, success metrics extend far beyond platform users or transaction volumes. “Success looks like fewer people forced to trade on street corners out of desperation. It’s measured in lives changed, dignity restored, and communities empowered.”

Key indicators include:

• Reduction in local unemployment rates
• Increased average incomes of platform users
• Growth in women-led enterprises
• Improvement in financial literacy scores

The Road Ahead: Scaling for Greater Impact

Phase 1 (2025-2026):

• MVP’s bigger vision and only core features are included in MVP 1.
• Launch of MVP with core marketplace, AI mentor, and learning modules
• Initial deployment of Digital Taxis in Gauteng and Western Cape

Phase 2 (2026-2029):

• Rollout of SwapVest and Stokveld investment features
• Expansion of incubation programs
• National coverage across all provinces

Global Vision:

Post-2025, SwapVend plans expansion into:

• Rest of Africa
• South America
• India

“The barriers may differ slightly but the core opportunity is the same across emerging markets,” Singh notes.

A Call to Action: How Stakeholders Can Engage

For Government:

• Integrate SwapVend data into local economic development strategies
• Partner on digital infrastructure rollout
• Align policy frameworks with platform insights

For Corporations:

• Leverage the platform for inclusive procurement
• Invest through SwapVest VC
• Provide mentorship and skills development

For Investors:

“Impact investors who understand that real returns come from meaningful, measurable change will find SwapVend aligns perfectly with their goals,” Singh asserts.

SwapVend represents more than technological innovation – it’s a fundamental rethinking of economic systems. By removing the traditional barriers of capital, credentials, and connectivity, it creates what Singh calls “an economy of participation rather than exclusion.”

As the platform prepares for its 2025 rollout, the potential to transform South Africa’s economic landscape is palpable. “This isn’t about creating dependency,” Singh concludes. “It’s about unlocking the potential that’s already there, just waiting for the right tools to flourish.”

For informal traders across South Africa, SwapVend offers more than access to markets – it offers the dignity of being seen, valued, and empowered to thrive on their own terms.