Bank Alfalah, one of Pakistan’s leading financial institutions, has further bolstered its commitment to financial inclusion with a strategic investment in Qist Bazaar, a prominent Buy-Now-Pay-Later (BNPL) platform. Specializing in enabling essential purchases through easy and affordable installment plans, Qist Bazaar aims to provide flexible financial solutions to individuals who may otherwise struggle to afford necessary goods. Bank Alfalah’s additional investment of Rs 55 million comes as part of Qist Bazaar’s Series A fundraising round, which raised approximately Rs 800 million, further solidifying the bank’s confidence in the startup’s innovative approach and its potential for exponential growth in the financial technology sector.
The financial institution’s involvement with Qist Bazaar does not end with equity investment. In addition to the Rs 55 million equity infusion, Bank Alfalah has extended a substantial Rs 460 million in debt lines to the BNPL platform. This funding functions as a pre-approved credit facility, providing Qist Bazaar with the flexibility to draw funds as needed to fuel its operations, expansion, and further innovation.
Atif Bajwa, President and CEO of Bank Alfalah, emphasized the strategic nature of this partnership, highlighting its importance for both Bank Alfalah and Pakistan’s broader digital financial ecosystem. He stated, “By investing an additional Rs 55 million in Qist Bazaar and extending Rs 460 million in credit facilities, we are fueling the growth of a dynamic startup and paving the way for innovative payment solutions. These initiatives empower citizens with easy installment options, making financial services more accessible. By working with startups like Qist Bazaar, we can drive a more inclusive and digitally empowered future for our country.”
The investment and financial support come at a crucial time when the demand for digital payment solutions is growing rapidly, particularly for services that cater to financial inclusion. Qist Bazaar’s BNPL model provides consumers with the opportunity to make essential purchases like electronics, household items, and appliances, without the burden of paying upfront. This model has proven especially beneficial to individuals from lower-income groups who have limited access to traditional credit facilities.
Qist Bazaar’s unique offering has already made a significant impact in the Pakistani market. Since its launch, the platform has already provided access to flexible, affordable financing for more than 75,000 Pakistanis. With this new round of funding, Qist Bazaar is set to scale its operations and extend its reach to an even larger portion of the population, further accelerating financial inclusion across the country.
Arif Lakhani, CEO of Qist Bazaar, expressed his enthusiasm about the collaboration with Bank Alfalah, acknowledging the impact the partnership has already had on their user base. “With over 75,000 Pakistanis benefiting from our collaboration, we are shifting gears to accelerate financial inclusion on an even greater scale,” he said. This boost in funding will allow Qist Bazaar to enhance its product offerings, extend its reach to underserved communities, and continue innovating within the BNPL space.
The growth of BNPL services in Pakistan represents a key part of the country’s ongoing shift towards a more digital and inclusive financial ecosystem. Bank Alfalah’s support of Qist Bazaar aligns with its broader strategy to promote financial inclusion, support fintech innovation, and provide easier access to financial services for all segments of society.
For Bank Alfalah, this investment in Qist Bazaar is a part of its broader strategy to strengthen its role in the evolving digital financial services market. By backing startups like Qist Bazaar, the bank is playing a pivotal role in enabling digital solutions that are designed to serve a larger, underserved population. This collaboration marks another significant step toward enhancing financial literacy and access to credit in Pakistan, contributing to a more inclusive, cashless economy.
As Qist Bazaar continues to expand its reach and enhance its offerings, the partnership with Bank Alfalah is expected to catalyze even greater success, positioning both companies at the forefront of Pakistan’s growing fintech landscape. With increasing demand for flexible payment options, Qist Bazaar’s growth will likely be a key driver in transforming the way Pakistanis approach financing and consumer goods acquisition in the future.