The Startup Working to Make Money Work for Every Pakistani

Currently, a whopping 86% of Pakistan’s population has very little to no access to the formal financial system. Less than 1% have access to credit cards. Access to credit for small businesses is even more difficult with approximately only 8% being able to secure formal financing for their businesses.  

There is a genuine demand for access to credit. With 37% of SMEs turning to expensive informal and often predatory sources of credit. Moreover, access to credit is not just a need exclusive to small businesses either. Pakistan is the 4th largest gig-economy in the world and has over 100 million salaried employees, all of whom have the need but again little to no access to credit. 

In the developed world, countries have leveraged the reach and accessibility that comes with fintech (financial technology) to make a direct impact on people’s financial livelihoods. Muawin by Cashew Financial Services from Pakistan is one such fintech company working to make access to credit easier and more transparent for everyday Pakistanis. 

The company is choosing to partner with leading companies in the gig-economy, retail, and consumer market sectors to create tailor-made financial products that are built for each segment’s unique needs.

Muawin means helper, facilitator, or ‘Madadgar’ in Urdu, which is the driving philosophy behind the company’s strategy according to its founders. As a licensed NBMFC, Muawin aims to focus primarily on Pakistan’s vast new to credit segment.

Their platform-driven approach is designed to collaborate rather than compete, making it very easy for partners to be within the credit disbursement process, creating a win-win scenario for all. Built and designed in Pakistan, the company believes it is positioned well to understand the needs of the market in question and design products that are considerate, honest, and transparent.

Through plug & play APIs, Muawin’s partners can easily offer the platform’s existing digital ecosystem of financial products. All with one goal in mind: enable credit facilities to the end-user. 

Muawin’s product, Sahulat, was launched in collaboration with Uber and Shell, whereby Uber drivers can avail fuel on credit through any Shell fuel pump. The drivers use this product to mitigate the liquidity gap caused by credit rides, enabling them to have more cash on hand for their mobility needs.

Similarly, Muawin’s retail product, Munafa, allows consumer goods retailers to buy on credit, which in turn enables them to sell more to earn greater profits.

The underlying aim behind every product that Muawin designs is to provide access to financial services to new-to-credit borrowers so that they can build their credit scores over time. This, in turn, enables them to gain access to even more financial services and be formally included in the financial economy.  

Muawin is progressively working towards formalizing more strategic partnerships across various sectors. All with one belief: A financially inclusive population leads to a financially empowered Pakistan.