We+, a new ride-hailing platform, has entered the Addis Ababa market, offering its drivers a retirement fund. The platform aims to help 25,000 drivers save up by allocating a percentage of its commission for their retirement and other needs, such as medical expenses.
“Our payment system deducts 10% from each trip, with 4% of that amount saved for our drivers,” says Kirubel Tarekegn, founder and CEO of We+. “Our goal is to create a better tomorrow by saving together.”
The platform’s 10% total commission is on par with the industry standard. In addition, it has a flag-down fee of 105 birr and a per-kilometer fee of 18 birr.
The deducted 4% is divided into two parts: half goes to investment, and the other half is saved for drivers to withdraw whenever needed. “Drivers can save up to 20,000 birr per year with this method,” says Kirubel. “We advise our drivers not to withdraw the money immediately. When the investment fund reaches a certain amount, we will establish an investment firm where our drivers will be shareholders. However, as per our agreement, they are welcome to withdraw anytime they want.”
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