Yango Pakistan Partners with MMBL to Enable Driver Fleet with Shariah-Compliant Financing and Takaful Protection

Yango Pakistan, a digital microfinance bank within the Yango Group, has teamed up with Mobilink Bank to offer Shariah-compliant financing and Takaful protection to eligible Yango partner drivers and couriers. This collaboration aims to bolster financial inclusion by tailoring solutions to the livelihood and business needs of these drivers.

The partnership recognizes vehicles as crucial assets for ride-hailing drivers, and Mobilink Bank and Yango Pakistan will provide financing, protection, digital payments, banking, and connectivity in an integrated ecosystem. Car Diminishing Musharakah financing can reach up to PKR 5 million for cars, while Murabaha financing is available for motorcycles, e-bikes, rickshaws, and handsets.

Vehicle Takaful coverage, including income protection, hospitalization, maternity benefits, and accidental death or permanent disability coverage, is also provided for financed customers. Miral Sharif, Yango Pakistan's Country Head, emphasized the importance of vehicle financing and protection for drivers' earning potential. Haaris Mahmood Chaudhary, Mobilink Bank's President & CEO, commented on the partnership, highlighting Pakistan's growing gig economy and the need for formal financial services to support entrepreneurs and livelihoods.

Eligible drivers and couriers will gain access to Mobilink Bank's digital banking and payment ecosystem, including digital account onboarding, Business Plus Account benefits, Raast QR payments, a dedicated Driver QR for fare collection, and additional connectivity and handset benefits.