Finja, Pakistan’s leading digital supply chain financing NBFC, and Punjab Beverages Co. (PBC), one of PepsiCo International’s leading manufacturers & bottlers in Pakistan, recently signed a Memorandum of Understanding (MoU) to expand the digital lending and distribution services in the retail (karyana) segment across the country via PBC’s Kharidari App.
This is the first embedded financial services offering in the beverages industry that aims in catering thousands of retailers across PBC’s distribution network through digital financing services.
Finja and PBC have been servicing this segment together since the past twelve months through an offline lending program for PBC serviced merchants. During this period, both entities have worked closely in digitally optimizing the complete supply chain from order taking, credit evaluation, fulfillment and collections. Starting from Faisalabad, both institutions collectively enabled thousands of retailers on Finja’s digital lending platform that facilitated cash-strapped retailers across the city to avail digital credit services, increasing their ability to meet neighborhood purchase demand along with increasing their own profitability. This process also eliminates cash-based transactions between PBC and its merchants that highlights further optimization in the retail supply chain.
Through this collaboration, Finja and PBC have evaluated the utility of digital transformation in a merchant’s order cycle. With the introduction of PBC’s Kharidari App and Finja’s embedded financial score, both entities are now fully equipped to scale the service across the province.
On this occasion, Founder and CEO Finja, Mr. Qasif Shahid reiterated Finja’s continued commitment in digitally transforming the domestic retail segment through easy-to-avail credit products. He further stressed on Finja’s belief in digital technology complimented by mobility that radically lowers transaction costs in financial services paving way for transparency and efficiency. In order to achieve this, Finja has partnered with multiple like minded and diverse distribution businesses such as Punjab Beverages who continue to create value in their respective space for the betterment of Pakistan’s financial ecosystem.
Omer Farooq Khan, CEO Punjab Beverages, also emphasized on the “importance of revolutionizing supply chain through technology adoption. Hence, embedded financial services will prove to be a game-changer for the FMCG industry as it will result in increasing the retailers purchasing power, lead to a reduction in stock shortages, and above all, result in enhanced customer satisfaction. At a macroeconomic level, such supply chain financing will lead to greater velocity of transactions and thereby a direct enhancement of Pakistan GDP.
Choosing the right partner who could have taken PBC vision forward was of extreme importance. Therefore, PBC chose Finja as it shared the same values, zeal & passion for realizing the goal: giving back to Pakistan by focusing on value creation through innovation.”
Finja was founded in 2016 by Qasif Shahid, Monis Rahman and Umer Munawar and is backed by leading global venture capital funds that include Swedish, Vostok Emerging Finance; Japanese, BeeNext; Quona Capital from the United States of America; Ukraine-based ICU along with Descon and Pakistan’s largest private bank, HBL.
(16.02.22: Finja and PBC team at the MoU signing ceremony at FINJA House, Lahore)
Nice article on Finja