Islamic buy-now-pay-later (BNPL) platform KalPay has signed an MoU with education finance specialist Taleem Finance Company to extend education-focused easy payment plans.
Targeted at students and parents, the partnership is part of KalPay’s efforts to enhance its presence in the educational financing space as it eyes collaboration with Pakistan’s education institutions.
The agreement follows KalPay partnering with B2B BNPL company Muawin last September.
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.