AIRLINK 190.16 Increased By ▲ 1.41 (0.75%)
BOP 12.83 Decreased By ▼ -0.11 (-0.85%)
CNERGY 7.21 Decreased By ▼ -0.01 (-0.14%)
FCCL 43.41 Increased By ▲ 2.86 (7.05%)
FFL 15.39 Increased By ▲ 0.29 (1.92%)
FLYNG 26.37 Increased By ▲ 0.93 (3.66%)
HUBC 130.61 Decreased By ▼ -1.89 (-1.43%)
HUMNL 13.84 Increased By ▲ 0.39 (2.9%)
KEL 4.71 Decreased By ▼ -0.17 (-3.48%)
KOSM 6.70 Increased By ▲ 0.22 (3.4%)
MLCF 49.51 Increased By ▲ 2.37 (5.03%)
OGDC 204.81 Increased By ▲ 0.01 (0%)
PACE 6.41 Increased By ▲ 0.14 (2.23%)
PAEL 40.81 Increased By ▲ 1.82 (4.67%)
PIAHCLA 16.85 Increased By ▲ 0.02 (0.12%)
PIBTL 8.69 Increased By ▲ 0.58 (7.15%)
POWER 11.02 Increased By ▲ 0.33 (3.09%)
PPL 174.44 Increased By ▲ 0.79 (0.45%)
PRL 34.71 Increased By ▲ 0.61 (1.79%)
PTC 24.99 Increased By ▲ 1.50 (6.39%)
SEARL 97.99 Decreased By ▼ -1.01 (-1.02%)
SILK 1.09 Decreased By ▼ -0.01 (-0.91%)
SSGC 31.10 Increased By ▲ 0.48 (1.57%)
SYM 17.81 Decreased By ▼ -0.02 (-0.11%)
TELE 8.30 Increased By ▲ 0.11 (1.34%)
TPLP 12.18 Increased By ▲ 0.06 (0.5%)
TRG 61.66 Increased By ▲ 0.55 (0.9%)
WAVESAPP 11.67 Decreased By ▼ -0.05 (-0.43%)
WTL 1.48 No Change ▼ 0.00 (0%)
YOUW 4.18 Decreased By ▼ -0.03 (-0.71%)
AIRLINK 190.16 Increased By ▲ 1.41 (0.75%)
BOP 12.83 Decreased By ▼ -0.11 (-0.85%)
CNERGY 7.21 Decreased By ▼ -0.01 (-0.14%)
FCCL 43.41 Increased By ▲ 2.86 (7.05%)
FFL 15.39 Increased By ▲ 0.29 (1.92%)
FLYNG 26.37 Increased By ▲ 0.93 (3.66%)
HUBC 130.61 Decreased By ▼ -1.89 (-1.43%)
HUMNL 13.84 Increased By ▲ 0.39 (2.9%)
KEL 4.71 Decreased By ▼ -0.17 (-3.48%)
KOSM 6.70 Increased By ▲ 0.22 (3.4%)
MLCF 49.51 Increased By ▲ 2.37 (5.03%)
OGDC 204.81 Increased By ▲ 0.01 (0%)
PACE 6.41 Increased By ▲ 0.14 (2.23%)
PAEL 40.81 Increased By ▲ 1.82 (4.67%)
PIAHCLA 16.85 Increased By ▲ 0.02 (0.12%)
PIBTL 8.69 Increased By ▲ 0.58 (7.15%)
POWER 11.02 Increased By ▲ 0.33 (3.09%)
PPL 174.44 Increased By ▲ 0.79 (0.45%)
PRL 34.71 Increased By ▲ 0.61 (1.79%)
PTC 24.99 Increased By ▲ 1.50 (6.39%)
SEARL 97.99 Decreased By ▼ -1.01 (-1.02%)
SILK 1.09 Decreased By ▼ -0.01 (-0.91%)
SSGC 31.10 Increased By ▲ 0.48 (1.57%)
SYM 17.81 Decreased By ▼ -0.02 (-0.11%)
TELE 8.30 Increased By ▲ 0.11 (1.34%)
TPLP 12.18 Increased By ▲ 0.06 (0.5%)
TRG 61.66 Increased By ▲ 0.55 (0.9%)
WAVESAPP 11.67 Decreased By ▼ -0.05 (-0.43%)
WTL 1.48 No Change ▼ 0.00 (0%)
YOUW 4.18 Decreased By ▼ -0.03 (-0.71%)
BR100 11,961 Increased By 56.1 (0.47%)
BR30 35,673 Increased By 313.4 (0.89%)
KSE100 113,739 Increased By 396.7 (0.35%)
KSE30 35,328 Increased By 35.3 (0.1%)

Bank Alfalah said on Friday that it has entered the venture capital ecosystem as it has signed an agreement to acquire a 7.2% equity stake worth Rs140 million in QistBazaar, a Securities and Exchange Commission of Pakistan (SECP)-licensed Buy Now Pay Later (BNPL) non-bank financial company (NBFCs) platform.

According to a press release issued by Bank Alfalah, the acquisition marks the first time a commercial bank has taken an equity stake in a BNPL fintech.

“With this collaboration, the Bank aims to transform the BNPL landscape in Pakistan and pave the way for more collaboration between commercial banks and fintechs.”

In addition to the equity agreement, Bank Alfalah and QistBazaar signed an embedded financing agreement in Shariah-Compliant mode for up to Rs350 million, subject to terms and conditions.

“The Bank will incorporate digital financing product within the QistBazaar platform to offer embedded consumer durables financing on BNPL. This will target customers with limited or no access to formal credit. The partnership is expected to usher in a new era by enhancing the customer experience, improving financial inclusion, and providing innovative solutions,” stated the press release.

The signing ceremony was attended by senior leadership from Bank Alfalah including Atif Bajwa, President and CEO; Aasim Wajid Jawad, Group Head of Strategy, Transformation, Customer Experience and Venture Capital Investments and Yahya Khan, Group Head of Digital Banking.

From QistBazaar, CoFounders Arif Lakhani and Karim Gilani, along with other executives, attended the event.

Comments

Comments are closed.

Anjum Oct 29, 2023 01:10pm
Sorry to say but, Bank alfalah's management is super bad management who used a word culprit to their officer for no reason. For complaint of those managers who misbehaved and humiliated me(Asif Ali mithani and Mansoor arshad) I approved unit head amir Gandhi and also in Hr to Muhammad naseer but no satisfactory result received.. I will not recommended any of my family members and friends for using bank alfalah account or any other product.. Contact center karachi's Management are very irresponsible, non cooperative dominating.
thumb_up Recommended (0)