Uber and Old Mutual have announced a money management partnership aimed at empowering driver-partners with the skills to manage their finances in order to grow their income and save for the future. The move follows a similar exercise that took place in South Africa, Ghana, and Nigeria.
The Old Mutual Money workshops are free to all Uber driver partners in Kenya. By attending, drivers will learn basic money principles, develop healthy savings habits and plan a path to financial well-being. Through the partnership, Uber is targeting to train over 4000 driver-partners.
Loic Amado, General Manager for Uber East Africa says, “Uber is a passionate champion of innovation, both in the transport sector and in the development of entrepreneurs. With this partnership we can foster the skills of emerging entrepreneurs, empower driver-partners using our app to grow their small business, support their families and begin saving.”
Recent statistics illustrate the contribution small and medium enterprises (SMEs) make to high growth economies on the African continent. The Kenya National Bureau of Statistics notes that there are over 17 million SMEs registered in Kenya, with these businesses employing half of the Kenyan workforce. However, this boom in entrepreneurship is not without its challenges.
The findings of a study conducted by Invest In Africa (IIA) and Strathmore Business School illustrate that 70% of Kenyan SME’s fail within the first three years of operation owing to a failure to scale up. This lack of planning and financial savvy can cause the business to fail in their early stages. Through targeted education and skills development, entrepreneurs have a much stronger chance of ongoing success.
On his part, Jerim Otieno, UAP Old Mutual Group MD Life business, said, “We are excited to be able to play a role in helping entrepreneurs make the most of their hard-earned money. Small businesses are key to driving inclusive economic growth in Kenya and Africa – and their success will ultimately benefit us all. Driver-partners can book the workshop directly via an email invitation.”