Telenor Microfinance Bank, Pakistan’s top microfinance institution, has joined hands with Careem, one of the most used and trusted ride-hailing services in the country, to begin rickshaw financing on easy installments. The partnership is in line with Careem and Telenor Microfinance Bank’s shared mission of empowering the people of Pakistan through new and easy income avenues while promoting economic and financial inclusion in the country.
Under the agreement, customers will be able to purchase a brand new rickshaw on easy installments over a period of 22 months. Besides providing asset ownership to the drivers, the partnership will also offer them a steady source of income through Careem’s platform. Being an affordable and convenient mode of transportation, the rickshaw market is growing in Pakistan to meet the demand/supply gaps. This untapped market presents an opportunity for digitally enabled organizations such as Telenor Bank and Careem to create innovative solutions that offer the best value to its Captains.
“This partnership will fuel employment opportunities in Pakistan, effectively fighting the challenge of unemployment by giving people the power of generating their own income and owning an asset,” said Shahid Mustafa, President & CEO- Telenor Microfinance Bank. “We are pleased to partner with Careem for easy rickshaw financing as this will help provide more affordable and convenient traveling options to millions of Pakistanis who suffer the inconvenience of public transportation.”
“Pakistan needs entrepreneurs and Careem looks to play its part in providing people the opportunity to become one,” said Junaid Iqbal, Managing Director – Careem. “We strive to ensure our Captains are able to start their journey towards financial sustainability and our goal is to continue to ensure opportunities for the maximum number of people. We are very proud of the rickshaw loan scheme which is targeting another income segment and expect to help as many captains as possible.”
Careem responded to the huge demand of rickshaw with its own rickshaw service in late 2016. Since then, the service has been high in demand and has provided thousands of drivers with a healthy stream of steady income. Telenor Microfinance Bank’s financing service with give thousands of jobless people a chance to own their own three-wheelers and offer people affordable and convenient rides to their destinations.