Karachi, Pakistan – Bank Alfalah, one of Pakistan’s leading financial institutions, has strengthened its commitment to financial inclusion by increasing its investment in Qist Bazaar, the country’s rapidly growing buy-now-pay-later (BNPL) platform. This move aims to facilitate essential purchases for individuals through minimal and easy instalments.
As part of its latest funding round, Bank Alfalah has injected an additional PKR 55 million into Qist Bazaar’s Series A raise, which totals approximately PKR 800 million. This investment underscores the bank’s confidence in the platform’s vision and rapid growth.
Qist Bazaar has witnessed significant expansion, now operating 40 branches across seven cities. Primarily serving Pakistan’s unbanked and underbanked populations, the platform enables thousands of individuals and small businesses to access essential products via easy instalment-based payment solutions.
Beyond its equity investment, Bank Alfalah has also extended PKR 460 million in debt financing to Qist Bazaar. This pre-approved credit facility allows the startup to draw funds as needed, supporting its ongoing expansion and reinforcing its impact on the market.
“At Bank Alfalah, our commitment to digital transformation and financial inclusion is unwavering,” said Atif Bajwa, President and CEO of Bank Alfalah. “By investing an additional PKR 55 million in Qist Bazaar and extending a PKR 460 million credit facility, we are fueling the growth of a dynamic startup and paving the way for innovative payment solutions.
These initiatives empower citizens with easy instalment options, making financial services more accessible. By collaborating with startups like Qist Bazaar, we can drive a more inclusive and digitally empowered future for our country.”
Arif Lakhani, CEO of Qist Bazaar, highlighted the transformative impact of this collaboration. “Qist Bazaar’s mission to serve the unbanked has been greatly enabled by Bank Alfalah’s belief in our vision.
With over 75,000 Pakistanis benefiting from our partnership, we are now accelerating financial inclusion at an even greater scale.
This investment, part of our Series A round led by Indus Valley Capital with Gobi Partners, alongside the debt financing, marks another milestone in our investor’s commitment to fostering innovation and bridging the financial gap for underserved communities.”
As Pakistan’s fintech ecosystem continues to evolve, the partnership between Bank Alfalah and Qist Bazaar is set to enhance financial accessibility and economic empowerment, ensuring broader participation in the country’s growing digital economy.
