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Uber, Old Mutual Help Drivers to Earn, Learn, Save

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By Dipo Olowookere

In celebration of Global Money Week, Uber and Old Mutual have announced that they will be extending its free money management course that took place in South Africa to its driver-partners in Accra, (Ghana), Lagos (Nigeria) and Nairobi, (Kenya).

The course reflects Global Money Week’s theme – Learn. Save. Earn. 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.

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.

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. 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 has seen a 100% increase in small businesses in recent years.

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 percent 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) notes that only 69 percent of SMEs have business plans and 95 percent 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.

The Old Mutual On the Money workshops are free to Uber driver-partners in Kenya, Nigeria and Ghana. By attending, they’ll learn to understand basic money principles, develop healthy savings habits and plan a path to financial well-being. The workshops were previously run in partnership with Uber in South Africa with great results and positive feedback from the driver-partners who attended.

Zweli Ngwenya, a driver-partner who attended the Old Mutual On the Money workshops in South Africa says, “This course has helped me a lot in learning how to plan my budget.”

Alon Lits, General Manager for Uber Sub-Saharan 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.”

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

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Economy

Rivers Police Arrests Two Suspects Over Shell Pipeline Explosion

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Shell Renaissance

By Aduragbemi Omiyale

Two persons have been apprehended by the Rivers State Police Command in connection with the explosion that affected the Trans Niger Delta Pipeline operated by Shell Petroleum Development Company (SPDC) at the border of Kpor and Bodo communities.

On Monday night, the oil facility was affected by an inferno, which forced Shell to shut it down to prevent further damage.

It was gathered that the first was noticed during a routine night patrol by security operatives, who “promptly alerted SPDC management.”

The company initiated necessary safety protocols, including shutting down the affected pipe​line, a statement from the Police Public Relations Officer for Rivers Command, Ms Grace Iringe-Koko, a Superintendent of Police (SP), said on Tuesday.

The police said the swift intervention brought “the situation is now under control, and there is no further threat to residents or the environment.”

According to her, the two accused persons were picked up after the commencement of “a thorough investigation to determine the cause of the fire.”

She said the suspects are answering questions to help the police “uncover any potential act of sabotage,” promising to ensure that perpetrators of criminal activities are identified and brought to justice.

“We urge residents to remain calm and vigilant, assuring them of our unwavering commitment to protecting lives and property. The Command will not relent in its efforts to rid the state of criminal elements and maintain peace and security for all.

“For any useful information regarding this incident or any suspicious activities, members of the public are encouraged to contact the nearest police station,” the statement said.

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Economy

Nigeria’s Cooling Inflation May Fuel Further Interest Rate Pause

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interest rate hike

By Adedapo Adesanya

Cooling inflation in Nigeria could encourage the Central Bank of Nigeria (CBN) to hold interest rate steady again when the Monetary Policy Committee (MPC) meets in May.

On Monday, Nigeria’s annual inflation eased for a second straight month after the National Bureau of Statistics (NBS) overhauled the index for the first time in 16 years in January 2025.

The move was carried out to better reflect the inflation pressures facing households in Africa’s most-populous nation with the base year changed from 2009 to 2024.

According to the NBS, consumer prices rose 23.18 per cent in February by 8.52 per cent from the 31.70 per cent achieved in January 2024.

In the Consumer Price Index (CPI) data, the NBS said last month, the headline inflation slowed due to decline in the average prices of food items like yam tuber, potatoes, soya beans, flour of maize/cornmeal, cassava, bambara beans (dried), etc compared with the prices in the first month of this year.

Nigeria’s economy has grown in the last two quarters in Nigeria by over 2-3 per cent caused by inflation and the weakening of the local currency. This is slower compared to expected outcomes.

However, with further moderation, this could spur policymakers at the apex bank to pause rate hikes for yet another cycle.

The President Bola Tinubu administration is targeting a 15 per cent inflation level.

At its last meeting in February, the MPC held all rates across board with the headline monetary policy rate (MPR) retained at 27.50 per cent.

According to the Governor of the CBN, Mr Yemi Cardoso, the asymmetric corridor was retained around the MPR at +500/-100 basis points and the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) at 50.00 per cent and Merchant Banks at 16 per cent. Also, the MPC retained the Liquidity Ratio at 30.00 per cent.

The CBN had hiked interest rates by 875 basis points in the last year as Mr Cardoso favoured inflation targeting tools to fix skyrocketing cost of prices.

Market analysts noted that subsequent ease inflation in March and April could lead to even cuts but argued that pausing the rate will offer succour to businesses who have lamented the consistent hiking on their operations.

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Economy

NASD Index Opens Week in Green Territory After 0.15% Growth

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NASD securities exchange

By Adedapo Adesanya

There was a 0.15 per cent appreciation at NASD Over-the-Counter (OTC) Securities Exchange on Monday March 17, with the NASD Unlisted Security Index (NSI) increasing by 4.90 points to close at 3,368.64 points, in contrast to last Friday’s 3,363.74 points and the market capitalisation of the bourse rose by N2.83 billion to settle at N1.945 trillion compared with the preceding trading day’s N1.942 trillion.

Okitipupa Plc gained N7.66 during the session to close at N307.66 per unit compared with the preceding session’s N300.00 per unit, FrieslandCampina Wamco Nigeria Plc expanded by 78 Kobo to settle at N39.01 per share versus last Friday’s price of N38.23 per share, and Geo Fluids Plc grew by 6 Kobo to trade at N2.90 per unit, in contrast to the previous trading day’s N2.84 per unit.

On the flip side, Afriland Properties Plc lost N2.01 to close at N21.19 per share compared with its previous rate of N23.20 per share.

Yesterday, the volume of securities traded at the bourse went down by 55.8 per cent to 288,383 units from the 652,237 units recorded last Friday, the value of securities traded by investor depreciated by 45.3per cent to N18.2 million from the N33.1 million quoted at the preceding session, and the number of deals executed at the first session of the week shrank by 27 per cent to 27 deals from 37 deals.

When the market closed for the session, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with a turnover of 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.4 million units sold for N357.0 million.

Also, Impresit Bakolori Plc remained as the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 69.9 million units sold for N23.7 million, and Afriland Properties Plc with 17.4 million units valued at N357.0 million.

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