valU, MENA’s lifestyle enabling fintech platform, announced on Wednesday that it signed a partnership with El-Tarek Automotive, one of the leading multi-brand automotive dealers in Egypt, operating across the majority of Egypt’s governorates, to offer convenient and accessible payment solutions to customers wishing to purchase new vehicles.
Through this partnership, and as a cornerstone of its wider strategy to promote financial inclusion across Egypt, valU will enable El-Tarek Automotive’s customers to receive instant financing approvals and make purchases across a wide range of new cars, all through a streamlined process that is seamless, swift, and affordable. Customers can also sell their cars any time after purchase as there is no ban on sale which gives the customer all the ownership rights to the car and the advantages arising from it as part of the offering’s unique value proposition. To facilitate the process, a valU activation agent will be present at El-Tarek Automotive’s Branches to facilitate onboarding clients instantly, as part & parcel of both valU’s and El-Tarek Automotive’s efforts to elevate the automotive market and provide the best quality of customer service and customer experience.
Motaz Lotfy, Group Head of Business Development and Partnerships of valU, commented: “We are incredibly proud to once again be expanding our innovative, affordable, and inclusive offerings to more customers in Egypt’s automotive sector, and to be empowering Egyptians to build the lives they want to live without worrying about financial burdens when making strategic purchasing decisions. Having El-Tarek Automotive — a prominent player in the industry — on board our partner network will support us in strengthening our position as a leading lifestyle-enabler in the automotive market in Egypt, and we are delighted to be partnering with them today as they look to expand their customer base by providing more diverse financing channels across a wide array of vehicle options that are more flexible and convenient than the more traditional financing methods such as cash payments, credit financing, car loans, and personal loans.”
From his side, Tarek Hayman, Group Business Development Director, El-Tarek Automotive, also commented: “Over the past four decades, El-Tarek Automotive has been a pioneer in presenting clients the best-in-market offers, value-added products, with a premium customer experience. We are proud to be partnering with valU today, and to be working together with the leading lifestyle-enabling fintech platform to ensure our clients have access to the best financing facilities when purchasing vehicles. With valU’s support, our clients can now receive the approvals for financing instantly, and enjoy the luxury of owning their all-new cars without ban on vehicle sale, from El-Tarek Automotive.”
Ahmed Seoudy, Group Head of Product Development at valU, said: “As the automotive market continues to witness increases in prices that have led to a noticeable slowdown in car sales, we are thrilled to be creating an avenue that makes vehicles accessible for customers at more affordable and convenient offerings. Partnering with ELTarek Automotive underscores the remarkable headway valU has made over the years, as we continue to introduce disruptive products and solutions that make people’s lives easier and upscale the consumer finance and fintech spaces in Egypt.”
valU’s partnership with El-Tarek Automotive comes on the heels of a series of partnerships the fintech player has recently forged, including its partnership with Sixyards to offer its financing solutions to Egypt’s football camp goers. valU also partnered with energy solutions provider TotalEnergies to offer its convenient payment plans across its petrol stations. In the education space, valU partnered with the American University in Cairo (AUC) to offer its financing plans on tuition fees for those looking to pursue undergraduate and graduate degrees across the university’s programs. On the e-commerce front, valU partnered with the region’s leading digital marketplaces — Noon, Jumia, and Amazon Egypt — unlocking access for customers to make purchases on all three platforms.