KARACHI: Ride-hailing service Yango Pakistan has partnered with Mobilink Bank to provide eligible Yango drivers and couriers with access to Shariah-compliant vehicle and handset financing, embedded Takaful protection, and inclusive digital banking and payment solutions, Yango said on Monday.
The partnership aims to strengthen financial inclusion by supporting drivers with solutions tailored to their needs. It recognizes a vehicle as the core productive asset for drivers and brings financing and financial services together to support their earning journey.
Rather than offering standalone financing, Mobilink Bank and Yango Pakistan will support drivers throughout their earning journey by bringing financing, protection, digital payments, banking and connectivity together in one integrated ecosystem, according to a Yango statement.
“For a driver, a vehicle is not simply an asset — it is the foundation of their earning potential. Access to appropriate financing and protection can therefore have a direct impact on their ability to work and grow,” said Miral Sharif, country head for Yango Pakistan that is part of global technology company Yango Group.
“Our partnership with Mobilink Bank brings these solutions closer to eligible partner drivers, while giving them greater flexibility to invest in the tools they rely on every day. We see this as an important part of building a stronger and more sustainable driver ecosystem.”
The financing proposition includes Car Diminishing Musharakah financing of up to Rs5 million ($18,000) as well as Murabaha financing for motorcycles, e-bikes, rickshaws and handsets for eligible drivers identified by Yango Pakistan. Rickshaw, motorcycle and handset financing will also be offered under applicable corporate guarantee arrangements.
It also provides eligible customers with complimentary embedded Takaful coverage throughout the financing tenure, including income protection, hospitalization and maternity benefits for eligible women borrowers, and accidental death or permanent disability coverage. Vehicle Takaful and additional asset-protection solutions will also be available under the proposition.
“Pakistan’s growing gig economy is creating new opportunities for entrepreneurship and livelihoods, yet many independent earners remain underserved by formal financial services. Mobilink Bank recognizes ride-hailing drivers as entrepreneurs whose vehicles are central to their livelihoods,” Mobilink Bank President and CEO Haaris Mahmood Chaudhary said.
“Through this partnership, we are bringing Shariah-compliant financing, protection and digital financial services within their reach so they can access the tools they need to manage and grow their income with greater financial security.”
Yango said its eligible drivers and couriers will also gain access to Mobilink Bank’s digital banking and payment ecosystem under the partnership, which include digital account onboarding, Business Plus Account benefits, Raast QR payments and a dedicated Driver QR for fare collection.
