KARACHI: Pakistan’s leading digital microfinance bank, Mobilink Bank, and Yango Pakistan, part of global technology company Yango Group, have partnered to provide eligible Yango partner drivers and couriers with access to Shariah-compliant vehicle and handset financing, embedded Takaful protection, and digital banking and payment solutions.
The partnership aims to promote financial inclusion by offering drivers financial products tailored to their livelihood and business needs, while creating an integrated ecosystem combining financing, insurance, digital payments, banking and connectivity.
Under the partnership, eligible Yango drivers can access Car Diminishing Musharakah financing of up to PKR 5 million, along with Murabaha financing for motorcycles, e-bikes, rickshaws and handsets. Rickshaw, motorcycle and handset financing will also be available under applicable Corporate Guarantee arrangements.
The partnership will provide eligible financed customers with complimentary embedded Takaful coverage throughout the financing tenure. The coverage includes income protection, hospitalization and maternity benefits for eligible women borrowers, as well as protection against accidental death or permanent disability.
Vehicle Takaful and additional asset-protection solutions will also be available under the financing proposition.
Haaris Mahmood Chaudhary, President and CEO of Mobilink Bank, said Pakistan’s growing gig economy was creating a new generation of entrepreneurs, many of whom remained outside the formal financial system.
He said the partnership would provide ride-hailing drivers with Shariah-compliant financing, protection and digital banking tools designed to strengthen their livelihoods and support sustainable growth.
Miral Sharif, Country Head for Yango Pakistan, said a vehicle was not simply an asset for a driver but the foundation of their earning potential.
She said access to appropriate financing and protection could directly affect drivers’ ability to work and grow, adding that the partnership would give eligible drivers greater flexibility to invest in the tools they rely on every day.
Eligible Yango partner drivers and couriers will also have access to Mobilink Bank’s digital banking and payment ecosystem, including digital account onboarding, Business Plus Account benefits, Raast QR payments and a dedicated Driver QR for fare collection.
The partnership will also provide access to select connectivity and handset benefits, further strengthening the integrated financial and digital ecosystem available to Yango’s partner drivers and couriers.
