Green Riders, a two-time Earth Shot nominee, has created employment for thousands of youths by providing access to e-bikes, which enables them to become riders in the last-mile delivery industry.
Image: Screenshot Green Riders website
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.
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.
Bank Zero CEO Yatin Narsai said, “The company is committed to contributing to the local economy and environment while creating thousands of jobs. However, high banking costs and complexity present significant challenges, diverting valuable resources.”
He added, “We believed that a flexible banking solution could support both the Green Riders community and the local economy.”
To address this, Bank Zero developed a customised commercial banking system for Green Riders and its riders, who all hold accounts with the bank. Built in-house, the solution offers basic banking services at no cost, with low fees for additional services. It also streamlines financial processes, such as general ledger (GL) processing, for Green Riders’ finance team.
Richard Clarke, the executive chairperson of Green Riders, praised the partnership, saying, “We explored various options for a customisable commercial banking solution but struggled to find the right fit. After reviewing Bank Zero, we found their approach aligned with our needs. Over the past six months, their solution has provided the functionality and support required to streamline our operations.”
He noted, “My CFO (chief financial officer) finds the detailed spreadsheets really beneficial, especially since it can streamline our GL processing. No other bank does this.”
The Bank Zero-Green Riders initiative reflects a broader push for economic inclusivity.
Narsai said, “It is hugely rewarding to see our zero-fee digital banking services contribute to growing the South African economy by supporting small and micro-enterprises.” He said Bank Zero was delighted to support a business that creates opportunities for young South Africans to start earning a proper income while giving them access to banking services that can help them grow their business.
Bank Zero’s model eliminates fees for basic banking, a stark contrast to traditional banks. “Fees charged by traditional banks are too high. Our customers don’t pay for basic banking and are only charged for extras and cash, but even these fees are low,” Narsai said. The bank’s flexible system also allows tailored solutions for other business clients, helping them minimise banking costs year after year.
“While we remain pragmatic about the services we can cost-effectively offer, our focus on pioneering disruptive change to transform the banking game for consumers and businesses remains firmly in place,” Narsai concluded. As SMEs continue to power South Africa’s economy, initiatives like this could prove pivotal in fostering sustainable development.
Green Riders background
Green Riders was founded in 2019 by Craig Atkinson, alongside co-founder Trevor Wentworth and director Warrick Ross, the company emerged from a shared vision to address youth unemployment and promote eco-friendly transport.
By November 2024, Green Riders reported 851 711 green deliveries and 2 025 jobs created, showcasing its impact. Its goal is to generate 50 000 jobs over five years by recruiting and training unemployed youth through the Green Riders Academy.
Green Riders partners with major aggregators such as Mr D (Takealot), UberEats, Bolt Food, and Pick n Pay, alongside brands like Telkom and Bank Zero for advertising and operational support. Collaborations with Harambee Youth Employment Accelerator, the Jobs Fund, and Absa bolster its training efforts.
BUSINESS REPORT