Bayfikr, a UK-based fintech company, officially launched its innovative mobile application for charity donations and bill payments for all overseas Pakistanis on August 14, 2023.
The primary objective of Bayfikr is to simplify bill payments for Pakistani expatriates. As it expands its operations globally, the company aims to establish itself as a significant player in the value-added remittance sector.
Unlike existing money transfer applications, Bayfikr empowers Overseas Pakistanis by offering them direct and instant bill payment options to Pakistan, along with features for zakat and charitable donations. Rather than sending only cash, users can utilize their international cards to view and settle their bills in Pakistan directly. Currently, the fintech platform has boarded over 300 Pakistani billers and businesses, with plans to add more in the coming weeks.
The company is also in discussions to onboard renowned real estate projects, allowing Overseas Pakistanis to manage their installment plans conveniently. Bayfikr was founded by expatriate Pakistanis who recognized that existing remittance solutions did not fully address the unique needs of the Pakistani diaspora residing abroad.
Overseas Pakistanis send an annual total of USD 31 billion to Pakistan, a substantial portion of which goes towards rent, bill payments, school and hospital fees, and real estate installments. None of the existing remittance providers adequately addressed these essential requirements, prompting the creation of Bayfikr.
CEO Rascim added that Bayfikr was custom-designed for the Pakistani community and is now accessible to all Pakistanis worldwide. Bayfikr is committed to its mission of assisting the community, and it was disclosed that a portion of the profits generated by the platform will be directed toward various charities in Pakistan.