MMBL partners with foodpanda and AdalFi to offer inclusive financial services to HomeChefs

08:20 PM | 27 Jun, 2022
MMBL partners with foodpanda and AdalFi to offer inclusive financial services to HomeChefs

ISLAMABAD – Mobilink Microfinance Bank Limited (MMBL), the largest digital bank in Pakistan, has partnered with foodpanda HomeChefs, the nation's leading platform for home-based restaurants, and AdalFi, a Techlogix subsidiary focused on digital financing, to initiate short-term micro-financing solutions for household chefs.

Being a first-of-its-kind initiative, this strategic alliance will offer weekly loans of up to PKR 50,000 for HomeChefs to help resolve supply chain, marketing, and food quality issues, ultimately driving higher revenues and branding benefits for these home-based business ventures.

The HomeChef market in Pakistan is a significantly diverse and growing segment. It has enabled entrepreneurs, especially women, to explore new ways of being financially independent while leveraging their culinary skills. foodpanda provides a viable platform to these talented individuals, facilitating them to seamlessly reach millions of customers across the nation, while giving them access to its extensive network of riders. 

This strategic partnership is an exciting development for Pakistan's economic and financial landscape as it enables an essential monetary support stream to help female entrepreneurs scale their ventures sustainably. With the recent introduction of MMBL's Dost Tajir, the bank has been prioritizing efforts to promote financial inclusion for the underserved masses through access to convenient and affordable digital financial solutions to empower them to scale their businesses.

Speaking on the development, Muntaqa Peracha, CEO of foodpanda, stated, “While empowering HomeChefs, especially women who are exploring a new field of entrepreneurship, foodpanda is on a mission to level the playing field for these talented individuals. Through this partnership, we are easing one of the biggest barriers to growth in the market, i.e., financing. With the support of leading institutions like Mobilink Microfinance Bank and Adal Fintech, these HomeChefs now have the opportunity to grow without worrying about finances.”

Addressing the partnership, Sardar Mohammad Abubakr, Chief Finance and Digital Officer at MMBL added, “Collaborations with like-minded organizations are key to achieving our ambitious financial inclusion goals. At MMBL, we believe in extending support to various segments of society, especially women, who constitute more than half of the nation’s population but have significantly low financial inclusion figures to date. We are at the cusp of not just empowering these entrepreneurs financially, but also creating innovative paths for them to be active contributing drivers of the economy."

“We at Adal Fintech foresee women entrepreneurs as an emerging contributor to Pakistan’s GDP,” said Salman Akhtar, CEO - AdalFi, “The AdalFi mission is to equalize access to credit for all Pakistanis using data and AI to power credit decisions. foodpanda HomeChefs is a phenomenal example of our technology in operation”

As Pakistan’s leading digital financial institution, MMBL has over 40 million registered users, including 15 million monthly active mobile wallets. The Bank strives to facilitate customers by streamlining nationwide access to simplified and convenient financial solutions. MMBL, over the past decade, has introduced multiple innovative and customized digital and financial initiatives, such as digital onboarding of customers, Self-service banking through the DOST App (available on both iOs & Android), Internet Banking, the Women Inspirational Network (WIN) program, and the Humqadam program to provide employment opportunities to the differently-abled and much more.


Pakistani rupee remains stable against US Dollar, Euro, Pound, Riyal and Dirham; Check forex rates

Pakistani rupee remained stable against the US dollar, and other currencies in the open market on Friday.

Dollar Rate in Pakistan Today

On Friday, the US dollar remained stable and was being quoted at 283.2 for buying and 286.15 for selling.

Euro comes down to 308 for buying and 311 for selling. British Pound rate dropped to 358.5 for buying, and 362 for selling.

UAE Dirham AED witnessed slight drop and new rate stands at 77.4 whereas the Saudi Riyal remained stable at 76.

Today's currency exchange rates in Pakistan - 8 December 2023

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.2 286.15
Euro EUR 308 311
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.4 78.1
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 757.23 765.23
Canadian Dollar CAD 209 211
China Yuan CNY 39.89 40.29
Danish Krone DKK 41.19 41.59
Hong Kong Dollar HKD 36.41 36.71
Indian Rupee INR 3.42 3.53
Japanese Yen JPY 1.39 1.45
Kuwaiti Dinar KWD 921.71 930.71
Malaysian Ringgit MYR 61.02 61.62
New Zealand Dollar NZD 174.54 176.54
Norwegians Krone NOK 26.05 26.35
Omani Riyal OMR 739.62 747.62
Qatari Riyal ‎QAR 78.22 78.92
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.12 27.42
Swiss Franc CHF 324.94 327.44
Thai Bhat THB 8.06 8.21

Gold prices in Pakistan increase; Check out latest rates here

Gold price in Pakistan increased as the yellow metal witnessed an upward trend in the international market.

Gold Rates in Pakistan Today - 8 December 2023

On Friday, the price of a single tola of 24-karat gold stands at Rs217,400 and 10 grams of 24k gold costs Rs186,390.

Single tola of 22 Karat Gold costs Rs199,282, 21 karat rate for per tola is Rs190,225 and 18k gold rate is Rs163,050 each tola.

In the global market, gold prices hover at around $2026, gaining $8.30 on Friday.

Today Gold Rate in Pakistan

Today Gold Price in Pakistan (8 December 2023)

City Gold Silver
Lahore PKR 217,400 PKR 2,583
Karachi PKR 217,400 PKR 2,583
Islamabad PKR 217,400 PKR 2,583
Peshawar PKR 217,400 PKR 2,583
Quetta PKR 217,400 PKR 2,583
Sialkot PKR 217,400 PKR 2,583
Attock PKR 217,400 PKR 2,583
Gujranwala PKR 217,400 PKR 2,583
Jehlum PKR 217,400 PKR 2,583
Multan PKR 217,400 PKR 2,583
Bahawalpur PKR 217,400 PKR 2,583
Gujrat PKR 217,400 PKR 2,583
Nawabshah PKR 217,400 PKR 2,583
Chakwal PKR 217,400 PKR 2,583
Hyderabad PKR 217,400 PKR 2,583
Nowshehra PKR 217,400 PKR 2,583
Sargodha PKR 217,400 PKR 2,583
Faisalabad PKR 217,400 PKR 2,583
Mirpur PKR 217,400 PKR 2,583


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