PMBMC’s Transformation: Naveed Rafaqat Ahmad on Expanding Model Bazaars and Empowering Entrepreneurs

Naveed Rafaqat Ahmad, a Chartered Accountant from England and Wales, has spent over 15 years building his expertise in corporate restructuring, business model development, and working on World Bank projects.

Since 2016, he has been leading a significant transformation at the Punjab Model Bazaar Management Company (PMBMC), first as Chief Financial Officer (CFO) and later as CEO from 2024. His leadership has turned the Model Bazaars, once considered inefficient, into a self-sustaining success story.

Challenges and Strategic Vision

When Naveed joined PMBMC, the Model Bazaars were struggling, often labeled as a “white elephant” due to their inefficiencies and inability to meet public welfare objectives. Recognizing the potential, Naveed initiated a comprehensive restructuring plan.

His approach was built on four pillars: professionalizing the organization, boosting public perception through increased footfall, securing government funding, and enhancing media engagement.

1. Restructuring the Organization: One of Naveed’s first actions was to streamline operations through the introduction of Standard Operating Procedures (SOPs). This move transformed PMBMC into a professionally run entity with a clear operational framework. This overhaul helped improve accountability, efficiency, and transparency, setting the stage for long-term success.
2. Boosting Public Engagement: To enhance public perception, Naveed focused on increasing footfall at the bazaars by improving infrastructure and vendor services. As more people visited, the bazaars became vibrant marketplaces where consumers could access affordable goods, and vendors found a thriving environment for their businesses. This success attracted even more vendors, diversifying the products available and ensuring the bazaars became an integral part of local communities.
3. Securing Government Funding: Financial sustainability was crucial, and Naveed successfully secured PKR 2.5 billion in government startup funds to expand Model Bazaars into 13 additional districts. This allowed for better infrastructure and services, reaching underserved communities across Punjab. Government backing showed confidence in the vision for the project, which further boosted PMBMC’s growth.
4. Engaging the Media: To build public trust and credibility, Naveed worked closely with media outlets to promote PMBMC’s success. Positive media coverage of new services, like the Free Home Delivery initiative, helped establish the bazaars as a reliable and essential part of public life in Punjab.

Financial Restructuring and Challenges

A major part of Naveed’s success came from financial restructuring. When he took over, PMBMC was operating at a deficit, with annual revenue falling short of its potential. By centralizing rent collection, introducing a transparent revenue model, and diversifying income streams through public-private partnerships and leasing agreements, PMBMC’s revenue grew to PKR 1.545 billion by 2023-24.

However, the biggest challenge was changing the mindset within the organization. Transparency and accountability were new concepts for many, and it took time to embed these principles.

Through training, oversight, and a culture shift toward financial discipline, Naveed was able to achieve a significant turnaround.

In recognition of his efforts, PMBMC received the Award for Excellence in Financial and Governance Standards in 2024, following a successful audit.

The organization also earned not-for-profit tax-exempt status from the Federal Board of Revenue (FBR), highlighting its adherence to top governance standards.

Expansion into New Districts

One of Naveed’s most significant achievements was expanding Model Bazaars into 13 new districts, including Muzaffargarh, Okara, and Jhelum. The expansion aimed to improve public welfare by providing affordable goods in underserved areas, stimulating local economies, and supporting entrepreneurship.

The government’s endorsement of the expansion was a testament to the project’s success. Recognized as a flagship public welfare initiative, the Model Bazaars have played a key role in providing essential goods at prices lower than market rates.

This expansion not only strengthened PMBMC’s financial standing but also brought economic relief to millions of people.