UBL partners with Careem for car financing project
KARACHI: United Bank Limited (UBL), Pakistan’s leading financial institution, has joined hands with Careem, a digital based, fast growing, ride-hailing service in the country, to provide vehicle financing to Careem captains under the existing State Bank of Pakistan (SBP) Scheme ‘Prime Minister Youth Business Loan’. The project has been undertaken to create income generating business activities to support the youth of the country.
Under the agreement, Careem’s captains will be able to acquire a car on easy installments over a period of several years. Besides providing asset ownership to the captains, the partnership will also offer them a steady source of income through the Careem platform. Being an affordable and convenient mode of transportation, ride hailing is rapidly growing in Pakistan to meet the demand/supply gaps.
“In line with the SBP strategy, UBL will focus on expanding and growing the SME segment while providing innovative digital solutions”, said Sahir Ali, Head Transaction Banking, UBL. “The market presents an opportunity for digitally enabled organizations such as UBL to create innovative solutions that translate into convenience for consumers across Pakistan.”
“Careem’s aim is to create 10 million jobs by the end of 2020. This partnership brings us closer to that mission and helps us to be of service to our community,” said Salahuddin Ghaznavi, Director, Fleet Ventures, Careem. “This initiative will help our captains achieve financial stability and independence. Our goal is to continue to ensure opportunities for the maximum number of people. We are very proud of the car loan scheme and expect to help as many captains as possible.”
United Bank Limited (UBL) leads the banking and financial services sector in Pakistan. With a customer base of over 4 million, the Bank boasts Pakistan’s widest network of over 44,000 customer touchpoints; this includes more than 1,400 branches, over 1,100 ATMs and more than 40,000 Omni Agents. UBL has presence in four continents. The Bank is a pioneer in branchless banking with its UBL Omni platform. Customers across the world have 24/7 access to the bank via UBL’s world class Internet Banking. UBL was declared Pakistan’s ‘Best Bank for Corporate Finance & Capital Market Development’ at the Pakistan Banking Awards 2017.
Careem is the region’s leading ride hailing service with a mission to provide reliable mode of transportation and create millions of jobs. It is an online platform that connects ride seekers to independent service providers. Established in July 2012, Careem’s network is spread in almost 100 cities across 14 countries in the broader Middle East, including North Africa, Turkey and Pakistan. Operating in Pakistan since March 2016, Careem’s network is spread across 15 cities in Pakistan and growing.