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Islamabad: Bank Alfalah, one of Pakistan’s leading financial institutions, has reinforced its commitment to financial inclusion by enhancing its investment in Qist Bazaar, a rapidly growing buy-now-pay-later platform in the country. This move aims to facilitate essential purchases through minimal and easy instalments for the unbanked and underbanked populations.
According to a statement by Bank Alfalah, the bank has injected an additional PKR 55 million into Qist Bazaar as part of the startup’s Series A funding round, which totals approximately PKR 800 million. This investment underscores Bank Alfalah’s confidence in Qist Bazaar’s growth strategy and its mission to improve financial accessibility.
Qist Bazaar has expanded significantly, now operating 40 branches across seven cities in Pakistan. The platform provides instalment-based payment solutions, enabling thousands of individuals and small businesses to access products that were previously out of reach.
In addition to the equity investment, Bank Alfalah has extended PKR 460 million in debt lines to Qist Bazaar. This credit facility functions like a pre-approved line of credit, allowing the startup to draw funds as needed to support its expansion plans.
Atif Bajwa, President and CEO of Bank Alfalah, stated that the bank’s investment and credit support for Qist Bazaar are part of its broader commitment to digital transformation and financial inclusion. He emphasized the importance of empowering citizens with accessible financial services and innovative payment solutions.
Arif Lakhani, CEO of Qist Bazaar, highlighted the impact of Bank Alfalah’s support, noting that over 75,000 Pakistanis have already benefited from the collaboration. Lakhani expressed optimism about accelerating financial inclusion through this partnership and continued investment.
As the fintech ecosystem in Pakistan evolves, the collaboration between Bank Alfalah and Qist Bazaar is poised to enhance financial accessibility and economic empowerment, enabling more individuals and businesses to engage with the digital economy.
The post Bank Alfalah Expands Support for Qist Bazaar with Equity and Credit Boost appeared first on Pakistan Business News.