SDG 8 week is powered by BuyBack Bazaar
"There has never been a more crucial time to protect the most vulnerable of people from entering a vicious debt spiral," said the founders of BuyBack Bazaar.
Economic growth is for some people just a phrase. BuyBack Bazaar has a mission to enable Economic growth for everyone.
"We are a passionate group of ordinary people who believe we can do extraordinary things! For starters, we are revolutionizing how people in need of emergency funds get cash easily, with no stress, risk, or pressure to pay back. We all know bank processes are cumbersome, and you can’t always rely on family and friends to bail you out. Some of us end up at loan sharks and get into even deeper debt and possibly danger.
Well, NOW, there is a better way!" said the BuyBack Bazaar team.
What is the compelling problem you want to solve?
1.7 Billion people in the world do not have access to a bank account. An additional 1 Billion have limited access to credit. A recent World Bank report found that, in the event of an emergency, 50% of the world’s population would not be able to access cash equal to 1 week of their salary.
So in the event of a medical emergency, a delay in salary, getting laid off or experiencing an unexpected expense, more than half the population of the world has no option to survive. This makes them extremely vulnerable to predatory lending practices with interest rates from loan Sharks going as high as 1,200% per year!
And the consequences of not paying back the loan are dire! There are a number of recorded cases where people, out of sheer desperation, have even committed suicide to protect their family from loan sharks threatening their safety.
And this was the situation before the current economic crises hit the world. The IMF predicts over 300 Million people will lose their jobs worldwide this year.
There has never been a more critical time to protect the most vulnerable of people from entering a vicious debt spiral that has no way out
How do you aim to solve this problem?
Enable people to borrow money against their assets. But, unlike a Pawnshop, our platform provides them with the highest price for their item and they can buy it back at the lowest service costs
How do you do this?
Get the best second-hand retailers in the city to compete with each other to BUY customer assets at the highest price
Have a contractual agreement where they have to HOLD this for the customer and will not sell this until the agreed date has passed
Confirm the lowest profit margin to SELL the item back to the customer so people know exactly what they have to pay to BuyBack their device
Why is this better than borrowing or visiting a Pawnshop?
You get up to 4 times the value for their assets
Our shops charge a service fee that is up to 70% LESS than what a Pawn shop would charge
Regardless of which shop wins, you have the convenience of visiting the nearest shop to collect your cash
And you access to cash in minutes with No paperwork, No stress and No pressure to Pay Back
Since our launch in early 2018:
We have successfully completed almost 8,000 deals and served customers from 78 nationalities
Our shops have paid out about AED 20 million through our platform
Our average customer deals with us about 4.5 times a year and 87% of our customers return to BuyBack their assets
Our plan is to expand our services across the GCC and is currently in discussions with partners who are excited to launch this service as soon as travel restrictions are lifted
How did you start?
Our Co-Founders Pishu Ganglani and Ricky Husaini, have been in Financial Services, Ops & Tech all their professional lives, which between them, spans over 50 years.
They met in the mid-nineties when they launched the world’s first automated platform for Saudi Riyal FX Swaps (that’s like a BuyBack for Foreign Exchange)
After investment management and treasury stints at The Investment Office of The Ruler of Dubai, as well as National Bank of Dubai, Ricky went on to become the CIO for Al Hilal Bank. Ricky is, however, proudest of his work with Manzil, an international, award-winning, non-profit organization dedicated to serving individuals with a disability
Pishu, in his capacity as Senior Consultant at McKinsey & Company, was awarded the highly coveted Marvin, McKinsey’s top innovation award. He headed the Treasury and Risk Management team for the region at Reuters, was part of the Ops leadership at EmiratesNBD and also led MetLife’s transformation program for Asia and EMEA
They saw the plight of people in need of emergency funds and were convinced they could design a better way to solve this ancient yet pervasive problem. It took over 3 years and quite a bit of trial-and-error to build the World’s First platform aimed at disrupting the multi-trillion dollar global Pawn market
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