Bank Zero and Green Riders: empowering SA's marginalised youth through entrepreneurship

A NEW partnership between Bank Zero and Green Riders aims to bolster entrepreneurship among South Africa's marginalised youth, leveraging cost-effective banking to support small and medium-sized enterprises (SMEs), which are vital to the country's economy.

- PHILIPPA LARKIN

SMEs account for 91% of formalised businesses, employ about 60% of the labour force, and contribute roughly 34% to gross domestic product.

The collaboration, announced this week, pairs Bank Zero's innovative banking solutions with Green Riders' e-bike delivery model, which has created thousands of jobs for young South Africans.

Green Riders, a two-time Earthshot nominee and Cape Town-based e-mobility company, provides sponsored e-bikes to previously marginalised youths, enabling them to work as riders in the last-mile delivery sector. This initiative allows them to earn income and eventually own the bikes, fostering sustainable micro-entrepreneurship.

The last-mile delivery market in South Africa was valued at $2.01 billion (R36bn) in 2023, with projections to reach $3.31bn by 2030, reflecting a CAGR of 7.4% from 2024 to 2030, per Grand View Research.