Lahore (Nut Desk)
Karandaaz Pakistan and Pakistan Fintech Network (PFN) have signed an agreement in Islamabad to undertake joint efforts to support fintech ecosystem of Pakistan. Under this agreement, Karandaaz has committed a grant to PFN for operationalizing and running a ffintech development program that shall bolster a more conducive environment for fintech industry. PFN is a network of more than 52 members and this partnership will help to engage more players from the fintech ecosystem, strengthen PFN’s capacity as an information and ideas hub, and enable further collaborations between regulators, corporations, consumers, technology vendors, entrepreneurs, academia, donors and investors. Karandaaz Pakistan is a not-for-profit special purpose vehicle set up under Section 42 in August 2014. Karandaaz is the implementation partner of the Enterprise and Asset Growth Programme (EAGR) and Sustainable Energy and Economic Development (SEED) programme of UK’s Foreign, Commonwealth & Development Office (FCDO). SEED is grant funded by FCDO whereas EAGR is co-funded by FCDO and Bill & Melinda Gates Foundation on grant basis. Karandaaz promotes access to finance for micro, small and medium-sized businesses through a double bottom line investment platform and financial inclusion for individuals by employing technology enabled solutions. According to an estimate, the digital finance potential of Pakistan stands at about $36 Billion by 2025, with a potential to provide a 7% boost to GDP, create 4 million new jobs, and result in $263 billion new deposits.