Begini and Bank of Punjab work together to launch SME credit in Pakistan
Begini, a global leader in behavioral and data analytics for financial
decision-making, has announced a strategic partnership with the Bank of Punjab
(BOP) to launch the CM Punjab Asaan Karobar Card initiative. This program
represents Pakistan’s largest SME credit card lending initiative, aimed at
expanding access to credit for small and micro enterprises across Punjab, one
of the world’s most underserved markets.
The initiative, powered by an advanced digital lending platform, offers a
seamless and scalable solution designed to financially empower SMEs. With
Pakistan’s 5.2 million SMEs contributing 40% of the country’s GDP and employing
over 80% of the non-agricultural workforce, yet facing significant barriers to
accessing formal financial services, the partnership addresses this
longstanding challenge.
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Begini’s innovative approach uses first-party, opt-in behavioral insights and psychometric scoring to evaluate businesses with limited or no traditional financial history. This solution, which went live in under two weeks, has already processed over 1 million assessments within eight weeks, demonstrating both its market fit and scalability.
James Hume, CEO of Begini, commented, “This partnership underscores
Begini’s ability to drive financial inclusion at scale, quickly and accurately.
Our behavioral data solutions provide valuable risk insights where traditional
data falls short.”
Nofel Daud, Chief Digital Officer at BOP, added, “With the Government of
Punjab prioritizing economic activity through support for small-scale
businesses, this program by BOP is a game changer. The use of Begini’s online
behavioral assessment tool adds significant value, enabling low-documentation
evaluations that are both scalable and accessible for underserved small
businesses.”
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A Scalable Solution for Emerging Markets
Begini’s platform, with operations in 16 countries and solutions
available in over 10 languages, is designed to thrive in environments with
limited data but high potential. The company’s SaaS model, combined with rapid
deployment, ensures fast adoption and a strong return on investment for
financial institutions focused on the underserved market.
This partnership highlights Begini’s capacity to unlock new lending
segments, creating value for banks, governments, and millions of excluded
entrepreneurs.
Source: https://siliconcanals.com/