The Bank of Punjab (BOP) and foodpanda have struck an agreement to provide subsidised financing to registered foodpanda Home Chefs and restaurants under Prime Minister Narendra Modi’s Kamyab Jawan – Youth Entrepreneurship Scheme.
The relationship is projected to operate as a catalyst in satisfying the finance needs of this underserved part of society, assisting them in achieving long-term growth. These Home Chefs are an important element of our SME segment, and BoP is glad to be a part of this movement that promotes diversity and financial inclusion.
The signing event took place at foodpaanda’s Lahore headquarters, with key executives from both companies in attendance. Mr. Asif Riaz signed the MoU on behalf of the bank, while Mr. Nauman Sikander signed it on behalf of foodpanda.
“At foodpanda, our mission is to empower masses financially and economically,” said Nauman Sikandar, CEO, during the signing ceremony. Our collaboration with the BoP will assist our Home Chefs in growing their businesses by providing them with access to cheap finance. We are eager to improve financial inclusion among the general public, especially in these trying times.”
“The Bank of Punjab aspires to build alliances with innovative entities like foodpanda that are contributing to the socio-economic improvement of Pakistanis, particularly the underserved female sector,” stated Mr. Asif Riaz, Group Head, Retail & Priority Sector Lending BoP. As we move forward, we expect our relationship to serve as a springboard for a larger venture.”
He went on to say that foodpanda is a terrific platform for home chefs, and that BoP will use it to provide crucial financial support to ambitious businesses through the Kamyab Jawan and Punjab Rozgar programmes at greatly reduced and easy conditions.
In these difficult times, foodpanda and BoP want to help the SME sector by providing financial support to these home-based merchants. Foodpanda is Pakistan’s largest e-commerce startup, with over 20,000 restaurant partners across the country, giving self-employment income options for thousands of Home Chefs and delivery riders to earn a successful living as and when they choose.