JS Bank and Careem have notched up a remarkable achievement by creating over one thousand entrepreneurs in the short span of 6 months. Under the scheme of Prime Minister Youth Business Loan (PMYBL), Careem & JS Bank have successfully managed to turn 1,000 Careem Captains into entrepreneurs through PMYBL loans disbursed through JS Bank.
Regarding this achievement Junaid Iqbal, MD Careem Pakistan said, “Pakistan needs entrepreneurs and creating 1,000 new jobs is just one of the contributions Careem is making to Pakistan’s economy. We strive to ensure our Captains are able to start their journey towards financial sustainability and our goal is to continue to ensure opportunities for the maximum number of people. We are very proud of the scheme and how far we have come in such a short amount of time.”
Basir Shamsie, Deputy CEO JS Bank, said, “JS Bank launched this scheme in an effort to provide a fair opportunity to run their own business and be entrepreneurs. We strongly believe that public-private partnerships, backed by technology solutions, create a strong shared economy that helps spread the benefits of entrepreneurship to all its people. In order to further strengthen our proposition for the deserving Captains of Careem, JS Bank has also collaborated with the Mahvash & Jahangir Siddiqui Foundation to provide them with an additional equity support.”
Mudassir Sheikha, Co-Founder Careem mentioned it’s a pleasure to have collaborated with JS Bank for this great initiative. He shared the history and vision of Careem along with appreciating the collaboration mechanism developed by JS Bank to provide a viable solution to promote entrepreneurship in Pakistan.
Speaking at the occasion, the Honorable Governor Sindh Muhammad Zubair praised the efforts made by Careem in helping bring a revolution in the transportation industry. He specially praised the efforts of Mr. Mudassir Sheikha, co-founder of Careem Networks, for his vision and his team’s seamless execution.
Careem Captains clearing a performance criterion are eligible to apply for loans through JS Bank to purchase their own vehicles and drive independently for Careem. The program has proved to be immensely popular with Careem Captains and has already contributed in over Rs. 1 Billion in the automotive industry through purchase of cars.
Prime Minister Youth Business Loan (PMYBL) is a program initiated by the Government of Pakistan, aimed at socio-economic development of the country’s youth. Under this agreement, JS Bank is offering subsidized loans at a 6% mark-up rate, in an effort to facilitate entrepreneurship in Pakistan.
Careem is Pakistan’s leading ride-hailing service that provides reliable, safe and affordable transportation choices via a mobile app, on the web, and through a call center. Careem is a pioneer in the region’s ‘sharing economy’ – its mission is to make people’s lives simpler, create millions of jobs, and to BeCareem – to be kind, generous, and inspiring as we move the region towards better living. Established in July 2012, Careem operates in more than 80 cities across 13 countries in the broader Middle East, including North Africa, Turkey, and Pakistan. For more information, visit www.careem.com
About JS Bank
JS Bank is one of the fastest growing banks in Pakistan, with 323 branches in 161 cities including one international branch. It remains committed towards its role as a catalyst in developing such partnerships to help enhance the entrepreneurial spirit in the youth of Pakistan. JS Bank is also a recipient of the prestigious award for Best Environmental and Social Governance Bank at the Pakistan Banking Awards 2017. The Bank is part of JS Group, one of the Pakistan’s most diversified and progressive financial services group. For more information, visit http://www.jsbl.com.
Author: Muneel Ali
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