In celebration of Global Money Week, Old Mutual, an international insurance firm, and Uber, a travel service agency, jointly announced the extension of Old Mutual’s free money management course to drivers in Nigeria and some other selected African countries.
Previously held in South Africa, the course is now projected to be offered by Old Mutual to its driver-partners in Accra (Ghana), Lagos (Nigeria) and Nairobi, (Kenya).
Old Mutual provides long term savings, protection, investment and lending solutions to a broad range of customers, spanning from individuals through businesses to corporate institutions in about 18 countries across Africa, Latin America and Asia.
Its “On the Money” workshops are free to Uber driver-partners in Kenya, Nigeria and Ghana.
By attending, they will learn to understand basic money principles, develop healthy savings habits, and plan a path to financial wellbeing.
Alon Lits, general manager for Uber Sub-Saharan Africa said, “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 businesses, support their families and begin saving.”
According to John Manyike, head of financial education at Old Mutual, “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.”
According to John Manyike, head of financial education at Old Mutual, “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.”
“The course reflects Global Money Week’s theme “Learn. Save. Earn” and driver-partners attending the workshops will be empowered with the skills to manage their finances in order to grow their income and save for the future. Workshops begin this week and drivers will receive an invitation via email to reserve their seat,” said Old Mutual and Uber in a joint statement circulated by Africa Press Organization (APO).
The statement also noted that driver-partners across Africa are extremely important to Uber and their own financial wellbeing is an ongoing priority.
“The technology and flexibility of the Uber app enables driver-partners to start, run, and grow a small business on their own terms. By offering skills development in financial management, Uber can assist entrepreneurs in building sustainable businesses,” it further read.
Recent statistics illustrate the contribution that small and medium enterprises (SMEs) make to high growth economies on the African continent.
For instance, the Kenya National Bureau of Statistics notes that there are over 17 million SMEs registered in Kenya, employing half of the Kenyan workforce.
In Ghana, 92 per cent of companies registered are micro, small and medium enterprises and contribute 70 percent to the country’s GDP, while Nigeria is said to have seen a 100 percent increase in small businesses in recent years.
However, this boom in entrepreneurship is not without its challenges, as a study conducted by Invest In Africa (IIA) and Strathmore Business School illustrates that 70 percent of Kenyan SME’s fail within the first three years of operation owing to a failure to scale up.
However, this boom in entrepreneurship is not without its challenges, as a study conducted by Invest In Africa (IIA) and Strathmore Business School illustrates that 70 percent of Kenyan SME’s fail within the first three years of operation owing to a failure to scale up.
Also, a national MSMEs survey conducted in Nigeria by the Small and Medium Enterprises Development Agency (SMEDAN), in partnership with the National Bureau of Statistics (NBS), notes that only 69 percent of SMEs have business plans and 95 percent have no form of insurance.
