Uber partners with Old Mutual to boost financial literacy among drivers

Uber partners with Old Mutual to boost financial literacy among drivers
  • Uber has entered into a pact with financial service provider Old Mutual to offer free financial training to uber drivers across the country
  • The move comes following recent revelations that around 70% of SMEs flop within the first 90 days on account that 30% of those that collapse lack proper business plan
  • According to the recent data from Kenya National Bureau of Statistics, Kenya has over 17 million registered SMEs 

Taxi-hailing service, Uber in partnership with financial services firm, Old Mutual has announced plans to offer free money management courses to Uber drivers in Kenya in a move geared at empowering them economically.

The move comes after recent findings conducted by Invest In Africa (IIA) and Strathmore Business School illustrated that over 70% of Kenyan SME’s flop within the first 3 years of operation owing to a failure to scale up.

The findings attribute the collapse of  SMEs to a lack of business planning, saying over 30% of them have no proper way to run their businesses. The Kenya National Bureau of Statistics (KNBS) notes that there are over 17 million SMEs registered in Kenya, with these businesses employing half of the Kenyan workforce.

READ ALSO: Business highlights – Uber Kenya announces support for driver-partners with new Greenlight Hub opening in Nairobi

This lack of planning and financial savvy can cause businesses to fail in their early stages.

Uber says, however, that through targeted education and skills development, entrepreneurs have a much stronger chance of ongoing success.

The findings attribute the collapse of  SMEs to a lack of business planning, saying over 30% of them have no proper way to run their businesses.“Uber is a passionate champion of innovation, both in the transport sector and in the development of entrepreneurs,” said Alon Lits, General Manager for Uber Sub-Saharan Africa.

READ ALSOBilateral relations with Japan to support SMEs, private sector, government says ahead of TICAD meet

“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 added.

“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,” John Manyike, Head of Financial Education at Old Mutual said.

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