Two Shariah compliant buy-now-pay-later (BNPL) platforms in Pakistan, KalPay and Muawin, have joined hands to complement their respective offerings.
The partnership will see B2C platform KalPay expand its BNPL offering by leveraging on Muawin’s B2B solution to support MSMEs through working capital financing.
“Muawin, with their expertise in B2B lending, complements our B2C offering paving the way for a holistic credit scoring mechanism at the center of lending in Pakistan,” remarked Waleed Amjad Islam, the co-founder and COO of KalPay.
KalPay will take advantage of Muawin’s proprietary tech stack to provide digital financial solutions to their network of online retailers. Both the firms intend to broaden the scope of their collaboration.
This partnership follows an earlier one in June between Muawin and Taro Technologies, another Islamic BNPL firm.
The BNPL sector is growing in Pakistan on the back of the phenomenal growth of e-commerce. The Republic is the 37th largest e-commerce market globally, having clocked in US$5.9 billion in revenues last year, a 45% year-on-year surge, according to Statista. The country’s e-commerce sector is projected to register a compound annual growth rate of 7% over the 2021-25 period, outperforming the 6% global average.