foodpanda has partnered with the Bank of Punjab to improve access to financing for Home Chefs operating on the tech firms platform.
Providing economic opportunities amidst these challenging times, The Bank of Punjab (BOP) and foodpanda signed an MoU to provide subsidized financing to registered foodpanda Home Chefs and restaurants under Prime Minister’s Kamyab Jawan – Youth Entrepreneurship Scheme.
The collaboration is expected to act as a catalyst in meeting funding requirements of this untapped segment of the society in order to help them in sustainable growth. These Home Chefs make up a valuable part of our SME segment and BoP feels proud in stepping into this horizon which supports diversity and financial inclusion.
The signing ceremony was held at foodpaanda’s Lahore HQs with senior management of both organizations in attendance. Mr. Asif Riaz signed the MoU on the bank’s behalf while Mr. Nauman Sikander signed it on foodpanda’s behalf.
Speaking at the signing ceremony, Nauman Sikandar, CEO foodpanda, quoted, “At foodpanda, our vision is to empower masses financially and economically. Our partnership with the BoP will help support our Home Chefs in scaling their business through access to affordable financing. We are keen to enhance financial inclusion among the masses, especially amidst such challenging times.”
Mr. Asif Riaz, Group Head, Retail & Priority Sector Lending BoP, said, “The Bank of Punjab aims to form alliances with innovative entities like foodpanda which are contributing towards socio-economic uplift of people of Pakistan, most importantly the underrepresented female sector. We expect this alliance to be a starting point of a bigger venture as we move into the future.”
He further added that foodpanda provides a great platform for the Home Chefs where BoP shall further tap in to provide necessary financial support to aspiring entrepreneurs at significantly concessional and easy terms under Kamyab Jawan and Punjab Rozgar Programs.
foodpanda and BoP aim to uplift the SME sector and provide financial support to these home-based vendors amidst such challenging times. With over 20,000 restaurant partners across the country, foodpanda is Pakistan’s largest e-commerce company providing self-employment income opportunities to thousands of Home Chefs and delivery riders to earn a successful living as and when they choose to.