Uber, HSBC launch on-demand cashout solution in Egypt

Through this collaboration, the enterprises aim to provide drivers on the Uber platform with access to 100% of their earnings which is both fast and convenient through HSBCnet’s payment solution.

Uber, HSBC strategy and what the partnership entails

Based on the information provided in the announcement, the Uber and HSBC collaboration for the launch of the solution, entitled Flexpay, is part of their mission of continuously finding innovative solutions to leverage technology so as to cater for local needs. 

Being part of Uber’s long-term commitment towards the drivers, Flexpay is set to help save approximately 5% of drivers’ earnings by providing them with a direct and cost-effective method for the receival of these earnings and the increase of their liquidity. 

Anabel Diaz, Uber Vice President and Regional General Manager for the Mobility Business in Europe, the Middle East and Africa commented on the announcement and stated that the company is working towards offering increasingly inclusive financial solutions for drivers on the platform. The company aims to support them during the challenging economic climate and help accelerate financial inclusion, lining up with the ‘Financial Inclusion Strategy for 22-25’ made public by the Central Bank of Egypt (CBE), and Egypt’s vision 2030.

Furthermore, the Uber official stated that Egypt is one of the fastest growing markets in the world for the company, adding that this growth drives them to innovate and provide convenient experiences to drivers on the platform, this being the reason for the launch of Flexpay to mobile wallets, thus marking a global-first from Egypt.

Egypt’s financial inclusion strategy

The Financial Inclusion Strategy 2022-2025 launched by CBE is a national development plan that focuses on the expansion of access to financial services, the development of financial literacy and the facilitation of the introduction of innovative financial products that meet the needs of consumers and micro, small and medium-sized enterprises alike.

Issued in November 2022, the strategy has a focus on increasing the usage of digital financial services and establishing a conducive environment for fintech innovation. Furthermore, the CBE confirmed that it will also encourage entrepreneurship, facilitate startup integration within the formal economy and provide enterprises with access to key sources, including financial services.