ALEXBANK and Blu EV Team Up to Electrify Egypt’s Gig Economy

Mohammed Fathy

Last updated 1-02-2026

3 min

ALEXBANK signed an MoU with Blu EV to boost cleaner transport and inclusive financing.

The deal offers “simplified financing” for electric bikes, with zero down payment and fast approval.

It targets delivery riders and small businesses to cut costs and raise incomes.

Electric bikes support lower emissions and quieter, safer streets in Cairo.

Both sides say scale will decide whether the impact is truly transformative.

ALEXBANK has signed a new memorandum of understanding with Blu EV, adding fresh momentum to Egypt’s growing push for cleaner transport and more inclusive financing. The agreement was inked under the auspices of the Italian Embassy in Cairo and alongside the visit of Paola Papanicolaou, Chief of the International Banks Division at Intesa Sanpaolo Group, with a long list of senior figures from both sides in attendance, including Italy’s ambassador to Egypt, Agostino Palese, and Orascom Investment Holding chairman Naguib Sawiris.

At its heart, the partnership is about making electric motorbikes easier to afford for people working in delivery, logistics and other small, day-to-day businesses. ALEXBANK, which is part of Intesa Sanpaolo Group, will offer what it describes as a simplified financing option for microfinance clients looking to buy Blu EV’s electric bikes either directly or through authorised distributors. The package includes repayment plans of up to three years, zero down payment, competitive interest rates and, notably, approval within 48 hours. That last bit is spot on for anyone who has ever been stuck waiting on paperwork when all they want is to get on the road and start earning.

The idea is that quicker access to electric bikes can help riders and small business owners reduce running costs, enter the workforce faster and, in turn, lift their income and quality of life. From what I’ve seen across the MENA startup scene, delays in financing are often a real bottleneck, so removing some of that friction could be a game changer, or at least a step in the right direction. That said, these schemes only really shine if awareness reaches the people who need them most.

There’s also the environmental angle, which is hard to ignore. Swapping petrol bikes for electric ones helps cut carbon emissions and offers a safer, quieter mode of urban transport. In crowded cities like Cairo, that’s no small thing. I reckon the real test will be scale: a few hundred bikes won’t move the needle much, but thousands definately could.

Paolo Vivona, CEO and managing director of ALEXBANK, said the partnership is meant to “supercharge the gig economy and last-mile operator ecosystem in Egypt” in a sustainable way. He added that the bank wants to enable thousands of young people to own delivery and smart mobility bikes, with the potential to boost their monthly income by more than 35%, while leaning on app-driven technology and smart battery systems developed by Blu EV.

From Blu EV’s side, co-founder and CEO Rida Baalbaki described the initiative as part of building a full e-mobility ecosystem from scratch, bringing together regulators, manufacturers, logistics players, banks and insurers. He said the link-up with ALEXBANK fills a crucial gap by giving delivery agents and other users, many with limited access to finance, a viable way to join the shift to electric mobility.

Zooming out, this move also sits within ALEXBANK’s broader effort to weave environmental, social and governance principles into its commercial operations. For Arageek readers who’ve been following the slow but steady rise of green startups in the region, this feels like another piece of the puzzle falling into place. On the flip side, execution will matter, because in entrepreneurship, as we all know, the devil is in the detail… you know?

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