The ride-hailing company Careem has announced signing an agreement with Sarwa Capital, a leading provider of finance solutions, to launch a program that would allow Careem drivers to buy their own cars.
The program aims to help the drivers reap the economic benefits of their work in full instead of receiving only a share because of not owning the cars they work with.
The program “Your car, Your project” will enable drivers to buy cars through facilitation services, especially amid the high prices of vehicles now, which forces many to split the profit with the owner of the car they drive.
The facilitating program is designed specifically for Careem drivers, enabling them to pay installments via the Careem application.
Mohamed El Ansari, executive director of fleet at Careem, said the company is working to create thousands of jobs in all the markets where it operates. “At the same time, Careem is aware of the various challenges facing the drivers, which is why we work on funnelling more resources to develop innovative programs that help them overcome these obstacles, being amid the largest transportation companies in Egypt,” he added.
The project aims to offer drivers the chance to own new cars, thus making their work more fruitful for them.
Careem drivers usually work certain jobs and come from a certain age group; 23% are employed in the private sector, while 12% are employed in the government and public sectors. About 29% only work for Careem, making the app their main source of income. About 20% of the comppany’s drivers are free agents.
Careem is working to employ drivers outside the traditional age and community groups through offering jobs for pensioners and university students, who are now accounting for 6% and 10% of the drivers, respectively.
CEO of Sarwa Capital Hazem Moussa said that the cooperation with Careem enables new and current Careem drivers to buy and own new cars.