Careem Egypt is in talks with three national banks to obtain a soft loan and finance the drivers’ cars, the managing director said.
The ride-hailing app has started to apply the cars financing system in installments along with Sarwa Capital Holding at an interest rate of 5%, Almal News reported, citing Wael Abou El Ela.
Almost 1,000 requests have been approved so far, Abou El Ela added.
Moreover, he highlighted that Careem is still collaborating with the Egyptian government to expand the mass transport business using modern technology.
The company is also considering the possibility for drivers to work with all the ride-hailing firms, he indicated, pointing out that this would boost competitiveness among companies.
An integrated database that evaluates the driver’s performance could be set up and shared among companies to guarantee the optimum services for customers, Abou El Ela said.