The Competition Commission of Pakistan (CCP) has approved the entry of a financial institution into the consumer market of “Buy Now Pay Later Service.”
CCP received an application for acquisition from QistBazaar (Private) Limited for the subscription of 7.2% of its shareholding by Bank Alfalah Limited.
The Phase-I competition assessment of this transaction revealed that the proposed acquisition would not lead to the dominance of the Acquirer in the relevant market post-transaction, said a press release issued here.
Therefore, CCP granted its authorization under Section 11 of the Competition Act, 2010, and CCP’s Merger Regulations, 2016.
QistBazaar sells white goods, electronics and home goods online on the “buy now pay later” model. In the current inflationary situation in the economy, it is a major facility for those who are struggling financially. The purchase of shares by Bank Alfalah will provide the necessary financing for Qistbazaar to provide better service and improve its infrastructure.
It will also open up a new online market for consumers enhancing competition with retailers across the region. This will improve services to the consumers.
CCP is very keen to remove all obstacles and impediments in every sector of the economy to enhance competition.—APP
