The Arab Investment Bank (AIBK) has signed a cooperation protocol with valU, a fintech solution company, offering Egyptian consumers installment sales services, to help drivers working for car booking service companies to purchase new cars through installments.

The protocol was preceded by an earlier agreement between vaIU and Uber at the end of last year to help existing and potential Uber drivers to purchase new cars through installments over a period of up to four years.

According to the protocol, Uber drivers will receive funding for the purchase of new cars in installments with an interest rate of only 5%, compared to an average rate of 20% in the market. The AIBK will also ease the required procedures for the drivers to open bank accounts and eliminate any obstacles that they usually face to receive funding for the purchase of a new car in installments.

Hany Seif Al-Nasr, chairperson of the AIBK, said that this protocol comes in the framework of the bank’s strategy to diversify its retail banking services and link them with small projects’ financing. He added that the new agreement will involve applying new technological methods to ensure providing successful and stable job opportunities, benefiting from the Central Bank of Egypt’s initiative in this regard.

Seif Al-Nasr added that the protocol also aims at boosting financial inclusion in Egypt due to its significant economic and social role in creating job opportunities and improving the living conditions of citizens.

Fatma Lotfy, non-executive chairperson of EFG Hermes, said the company is keen on providing financing for entrepreneurship projects at a low return of only 5% in the field of car booking services, as part of the Ministry of Investment’s initiative “Your idea, your company” to support entrepreneurship in all sectors.