QistBazaar, a Pakistan-based fintech that provides Buy Now Pay Later (BNPL) services, has partnered with Bank Alfalah, one of the country’s largest commercial banks. The deal is worth PKR 500 million ($1.7m) and includes Bank Alfalah taking a 7.2% stake in QistBazaar, as well as becoming its embedded lending partner. It is the first time a commercial bank in Pakistan has taken an equity stake in a BNPL fintech.
QistBazaar is a fast-growing NBFC platform that caters to all Pakistanis, including the unbanked and those with little financial history. It has been EBITDA positive since its inception in 2021 and has delivered over 20,000 products to unbanked consumers via affordable monthly payments. Its eligibility criteria is “Every Pakistani” and its sales are on a 12-month plan with an extra profit element on every sale.
The partnership with Bank Alfalah will deepen QistBazaar’s ability to serve customers with limited or no access to formal credit. It will also enhance the overall customer experience and improve financial inclusion by providing innovative solutions. Bank Alfalah’s President and CEO, Atif Bajwa, said that the collaboration with QistBazaar marks a significant step forward in providing inventive financial solutions and creating new opportunities for growth and support for underserved customers.
