LAHORE: One of the biggest and least-addressed market gaps in the world is educational financing. With a massive US$36 billion global market, commercial banks and microfinance institutions are unable to meet this enormous demand for educational lending.
KalPay, a Shariah-aligned consumer lending platform, has partnered with Taleem Finance Company Limited (TFCL), a Non-Banking Finance Company (NBFC) set up with a dedicated focus on financing the education ecosystem, to help extend flexible instalment-based fee payment plans for students.
This partnership will enable KalPay to expand its offering of the most flexible and easy payment choice (Buy Now, Pay Later) from consumer goods towards the educational financing market.
Speaking at the MoU Signing Ceremony at LUMS, Kamran Azim, CEO, TFCL, said, “Currently, in Pakistan, over 55 million of the population is in the school going age of 5-16 years but almost half of them are unable to access quality education.”
Shershah Hasan, Co-founder and CEO KalPay, added, “This significant relationship serves as evidence of our commitment towards financial inclusion. There is a huge segment of our population which does not have access to financing to complete their basic education.”
In the near future, KalPay and Taleem Finance Company will continue working to broaden the scope of their collaboration across Pakistan’s institutions and help build the foundations of a financially prosperous nation.
Copyright Business Recorder, 2023