Bank Alfalah joins the VC industry and purchases a 7.2% ownership holding in QistBazaar


According to a news statement from Bank Alfalah, this is the first time a commercial bank has invested in a BNPL fintech.

"With this partnership, the Bank aims to transform the BNPL landscape in Pakistan and open the door for additional partnerships between commercial banks and fintechs."

In addition to the equity arrangement, Bank Alfalah and QistBazaar also inked a conditional embedded financing agreement in Shariah-compliant manner for up to Rs350 million.

The Bank will integrate a digital financing product within the QistBazaar platform to provide integrated financing for consumer durables on BNPL. Customers that have little or no access to formal credit will be the target audience. According to the press release, the alliance is anticipated to herald in a new age by promoting financial inclusion, expanding the customer experience, and offering creative solutions.

Senior executives from Bank Alfalah, including the president and CEO, Atif Bajwa, group heads of strategy, transformation, customer experience, and venture capital investments Aasim Wajid Jawad, and group head of digital banking Yahya Khan, attended the signing event.

Arif Lakhani and Karim Gilani, co-founders of QistBazaar, along with other executives, were present at the ceremony.

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