Uber, Old Mutual Train Drivers in Money Management

Market Place

Transportation Network Company, Uber, has partnered with Old Mutual to empower drivers through training on money management.

According to the sponsors of the programme, while the money management course was launched for driver – partners in  South Africa, they also decided to extend the gestures to drivers in Nigeria, Kenya and Ghana where they believe it would have positive effect on their  economies.

In line with the theme of this year’s week, ‘Learn, Save and Earn’, the organisers said that participants would learn new skills on how to manage their finances in order to grow their income and save for the future.

General Manager for Uber Sub-Saharan Africa,  Alon Lits, said, that the company was not only passionate  to champion innovation in the transport sector but was keen about the development of entrepreneurs.

He acknowledged the contribution of small and medium enterprises (SMEs) to African economy, though 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. Nigeria’s national MSMEs survey conducted by the Small and Medium Enterprises Development Agency (SMEDAN), in partnership with the National Bureau of Statistics (NBS), note that only 69% of SMEs have business plans and 95% have no form of insurance. 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 and 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”, he said.

The Head of Financial Education at Old Mutual, John Manyike added that  “Global Money Week highlights the importance of money management skills and 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 Africa – and their success will ultimately benefit us all. By extending this partnership with Uber across Africa, we are able to further promote financial fitness across the continent.”

Registration for the programme according to the organisers was through online.