Karandaaz Digital aims to catalyze the financial services industry towards deeper financial inclusion by employing latest cutting-edge innovations and digital solutions to create social impact. The National Financial Inclusion Strategy (NFIS) adopted by the State Bank of Pakistan (SBP) aims to address the challenges of low-level financial inclusion in the country. It identifies increased access points for consumers and small businesses, awareness and knowledge of financial services, and a robust national payments infrastructure as some of the enablers in achieving universal financial inclusion in Pakistan. We collaborate across all the actors, in the financial services ecosystem to collectively maximize impact by improving access to digital finance for low-income, rural, and otherwise excluded segments of the population, most notably women. With funding from the Bill and Melinda Gates Foundation (BMGF), we aim to achieve the following:-
- Drive shifting of government payments (G2P and P2G) onto digital platforms and hence digitize most-used payments in the public sector;
- Test new digital payment innovations by partnering with commercial providers;
- Improve user experience by providing well-designed user interface wireframes and enabling financial service providers in adopting them;
- Support development of the start-up and FinTech ecosystem to foster private sector innovation;
- Conduct regulatory and policy analysis and advocacy to address policy barriers to digital financial inclusion;
- Create knowledge products for the public to accelerate diffusion of best practices in digital financial inclusion; and
- Establish a national payments infrastructure consistent with Level One principles.