Studies have shown that 75% of UAE residents who earn less than Dh 6,000 per month require emergency funds at least once a year, including Filipinos. Unforeseen circumstances force Filipinos to find alternative means to get money and that’s where BuyBack Bazaar comes into picture as the emergency cash funding platform enables its clients to exchange their gadgets for cash, with an option to buy back the same gadget in a few months’ time.
BuyBack Bazaar is an innovative company licensed by the Dubai Technology Entrepreneur Centre that has launched an online service for customers to sell their possessions if they need cash for emergency purposes. During its early stages and tests, more than 50% of the company’s clients were Filipinos. Co-founder Pishu Ganglani said that the concept behind BuyBack Bazaar was inspired by an active network of 18,000 stories from the Philippines who provide a similar service.
“This new platform revolutionizes that old process by making prices from all the Shops completely transparent to customers. So you always get the best price available across the network and can walk into ANY store to get your cash immediately. And, you have a confirmed price at which you can BuyBack your device should you wish to do so,” explains Ganglani.
Buyback Bazaar’s co-founder Ricky Husaini furthers that the platform is an ideal alternative against loan sharks who take advantage of the financially vulnerable expats that lead them to a debt spiral. “We are delighted to be launching BuyBack Bazaar which exists to solve problems of emergency funding in a quick, transparent manner while respecting an individual’s dignity. The service is fast, easy and safe for the customer and doesn’t generate additional stress from bounced cheques, penal interest charges or pressure to pay back.”
Those interested to check out their platform can visit: https://buybackbazaar.com/.