Bangladeshi transportation technology company Pathao Limited and BRAC Bank Limited have signed an agreement to finance motorbikes for the rider. This is the first collaborative rider financing in the country involving a bank and a ride-sharing company.
Under the agreement, BRAC Bank will provide loans to Pathao riders. The easy access to financing will help Pathao increase its pool of bikers and provide more convenience to the commuters. The collaborative financing will also help generate employment, especially among Bangladesh’s youth.
Mr. Nazmur Rahim, Head of Retail Banking, and Mr. Hussain M. Elias, Chief Executive Officer, Pathao Limited, signed the agreement at a program at BRAC Bank Head Office on October 29, 2018. Mr. Selim RF Hussain, Managing Director of BRAC Bank, presided over the signing ceremony.
Pathao is a ride-sharing startup that provides an efficient mode of transportation on the streets of Bangladesh. Its app-based ride-sharing concept has changed the commuting landscape. The rise of tech-based motorbike ride sharing provides commuters with affordable and convenient transportation services and creates much-needed employment in the country.
Mr. Dewan Imteaz Ahmed, Head of Retail Lending Products, Mr. Rajesh Kumar Barua, Head of Retail Underwriting, Mr. Siraj Siddiquey, Head of Digital Banking and E-Commerce, Mr. Shahin Lasker, Head of Card Operations, BRAC Bank, Mr. Fahim Ahmed, CFO of Pathao, Ms. Ruzan Sarwar, Head of External Affairs at Pathao, Mr. Rafee Shabbir, Lead- Impact Financing at Pathao, Ms. Nafisa Aditi, Marketing Executive at Pathao, and Mr. Shohag Das, Lead-Corporate Affairs at Pathao, were also present.