NBE, Fast Cab Technology cooperate to support new ridesharing app ‘aseel’

Hossam Mounir
3 Min Read

During the 25th edition of the Cairo Cairo ICT, the National Bank of Egypt (NBE) signed a cooperation protocol with Fast Cab Technology to implement a ridesharing project using information technology, which was commercially called “aseel”.

The NBE would basically offer car loans to aseel drivers. The project aims to participate in the state’s development plans in the field of passenger transport.

The protocol was signed by Yehia Aboul Fotouh, Vice President of the NBE, and Adel Abdel Salam, Chairperson and Managing Director of Fast Cab Technology, in the presence of Hisham Okasha, Chairperson of the NBE.

The project aims to present a national model based on achieving the interests of car owners and providing the highest quality level to service recipients, especially since the smart transportation market is one of the most rapidly growing markets globally and locally within the transportation sector.

Hisham Okasha said that the NBE always prioritises projects that improve services and achieve important economic goals in the path of comprehensive and sustainable development. He noted that the Bank is participating in the Car Replacement Initiative, financing more than 3,127 vehicles so far.

Okasha added that the aseel project will create job opportunities, provide a distinguished service of competitive quality, and ensure higher level of safety in transportation.

For his part, Yehia Aboul Fotouh explained that the protocol includes financing cars in several stages in Greater Cairo and Alexandria to be owned by young people to work for aseel, pointing out that all NBE services will be available to the new company, car owners, and users through electronic channels, in line with the bank and country’s digital transformation and financial inclusion strategy.

Moreover, Adel Abdel Salam commented that this project aims to create an integrated system, through a conscious work team capable of keeping pace with development and competition. He said that the new company will select its drivers carefully and train them to provide a unique service to customers. It will also provide them with many advantages, including various insurance programmes and car maintenance, which will contribute to increasing their professionalism and loyalty to the company.

He added that the company plans to acquire at least 20% market share in Egypt within two years.

Karim Soss, CEO of Retail Banking and Branches at the NBE, said that the car loans will cover up to 80% of the car value with a maximum of EGP 350,000.

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