Financial services group Old Mutual will train Uber’s 4,000 drivers in Nairobi and Mombasa on basic money management to promote a savings culture.
Uber’s Sub-Saharan Africa general manager Alon Lits welcomed the new partnership saying this would enable drivers and vehicle owners easily raise capital for future investment via small daily savings.
“As a passionate champion of innovation, both in the transport sector and development of entrepreneurs, we will use this partnership to foster skills that our driver-partners need to grow their small businesses and support their families via savings,” said Uber GM.
Old Mutual Head of Financial Education John Manyike said the drive was part of a larger scheme targeting small and medium enterprises (SMEs) that create employment across the country.
The partnership follows release of a joint study by Invest In Africa (IIA) and Strathmore Business School that found that 70 per cent of Kenyan SME’s fail within the first three years of operation owing to a failure to scale up.
The two said drivers can apply for the course online, noting lack of planning and financial literacy skills that could be solved via targeted education and skills development.