Food delivery company offers its riders affordable motorcycle financing

ISLAMABAD: To help address the needs of its delivery riders, the country’s leading online food delivery service has has teamed up with a non-bank finance company (NBFC), to provide accessible and flexible motorcycle loan options for its rider fleet.

A signing ceremony was held in this regard recently which was attended by senior officials from both the organizations. As per the arrangement, foodpanda riders can now get motorcycles on installments as low as Rs 999 per week. For riders’ convenience, the process to acquire the new motorcycle is also kept very simple.

Any eligible rider can visit a nearby foodpanda pit stop with his valid CNIC and driving license for registration and a new motorcycle is handed over in the next few days. The new bikes, in comparison to what the riders are mostly riding at present, offer significant fuel efficiencies which improve the economics of working as delivery riders.

Furthermore, with affordable installment payments, the riders are able to own the asset within 18 months or less. Speaking about the partnership, Managing Director and CEO of foodpanda, Pakistan, Muntaqa Peracha said, “Safety and welfare of our delivery heroes is our top priority and partnerships like this will spell convenience and benefits for one of the company’s important stakeholders–the riders.”

“We are glad to be working with foodpanda in this project that will benefit and create an impact both financially from the new bike efficiencies as well as improve overall experience for the riders. With this partnership, riders will no longer need to go through a stringent process, which is often the case when applying for a motorcycle loan.” said Faraz Zaidi, CEO of Wasl Investment Finance Ltd.