Lahore, In an effort to make quality education more accessible, fintech startup KalPay and Taleem Finance Company Limited have entered into an agreement with LUMS University. This new partnership is set to offer students an option to manage their semester fees through tailor-made, interest-free monthly installment plans.
According to a news release by LUMS, the collaboration stems from a shared vision of reducing financial barriers in education. KalPay, established by LUMS alumnus Shershah Hassan (BSc 2020), has been actively offering “buy now, pay later” (BNPL) services to clients across various e-commerce platforms. Furthering its reach, KalPay has initiated ventures such as KalPay Rasayi and KalPay Taleem, expanding its BNPL services to include purchasing assets like smartphones and facilitating fee payments for education and skill development. The significant contributions of KalPay’s co-founders have also been recognized in the Forbes 30 under 30 Asia List 2023.
Mr. Hassan expressed his enthusiasm about the collaboration, stating that KalPay’s core values revolve around endorsing the potential of education and assisting students in achieving their aspirations sans financial constraints. “This collaboration exemplifies our dedication to supporting the next generation of leaders and innovators,” he added.
Echoing similar sentiments, Mr. Kamran Azim, CEO of Taleem Finance Company Limited, stressed the imperative need to address the prevailing issue of limited access to educational financing that plagues various sections of Pakistan’s society. “We have a duty towards our future generations to make quality education accessible for all,” he remarked.
LUMS, being a not-for-profit educational institution, has been persistent in its efforts to provide financial assistance, with nearly 35% of its student body benefitting from it. The university has also been proactive in its outreach programs, scouting talent across 145 diverse regions in Pakistan, ensuring an inclusive student intake from varying socio-economic backgrounds. Such endeavors by LUMS serve a dual purpose: transforming the lives of its students and, in turn, enabling them to drive positive change in their communities.
As part of their future trajectory, both KalPay and Taleem Finance Company Limited are poised to extend the reach of their collaboration, aiming to foster collaborations with other educational institutions and thus, laying the foundation for a financially prosperous nation.