Karandaaz Pakistan is thrilled to announce its request for proposals for the 2023 Challenge Round – Karandaaz Discovery Challenge, exclusively dedicated to Digital Financial Services (DFS) Research. This unique challenge round features a grant to support pioneering research in emerging domains of digital financial services.

Through this challenge round, Karandaaz’s objective is to provide support for research that not only addresses current knowledge gaps but also fosters inventive ideas and offers solutions driven by insights. The ultimate aim is to harness the momentum generated by recent developments and further enrich the DFS ecosystem in Pakistan. Therefore, the applicants’ proposed solutions are expected to address the following objectives:

Transitioning from cash to cashless transactions. Increasing financial deepening.
Promoting formal financial inclusion in Pakistan.

Thematic Areas

Karandaaz invites applicants to submit their research proposals within
one of the following areas of focus

Digital Banks - Leveraging Infrastructure for Innovation

Digital banks have a very good opportunity in Pakistan. They can acquire customers and sell their products without the large investment that is required for a brick-and-mortar structure. However, where lending will be an advantage (compared to traditional banks and NBFCs), deposit collection will be a challenge without this same brick-and-mortar structure. Under this theme, applicants will be required to explore how these digital banks (taking examples from other jurisdictions) can leverage existing infrastructure like RAAST and Secured Transaction Registry (STR) or introduce their own innovative approaches towards payments, lending, saving products, and other relevant financial services. Research under this theme will address an information or knowledge gap such that it benefits the entire DFS ecosystem.

Enhancing Offline Payments for Low Connectivity Areas in Pakistan

Poor connectivity and a lack of reliable communication infrastructure in various regions of Pakistan pose significant challenges and impede progress toward realising a cashless and inclusive financial ecosystem. In addition, cellular connectivity is also very limited and poor in remote regions of the country. Under this theme, the research challenge focuses on exploring innovative solutions to enable offline, channel-agnostic digital payments through RAAST, in regions with limited connectivity. These solutions should be relevant to Pakistan’s development context and should be aligned with the national-level objectives of the National Financial Inclusion Strategy (NIFS).

How to apply

To apply for the grant, please submit your proposal by emailing it at the following address:  kdc@karandaaz.com.pk, with the subject line “Proposal Submission – Karandaaz Discovery Challenge” before the deadline, 14th December 2023. Please refer to the proposal submission guidelines provided in the Terms of Reference.

Terms of Reference for the Karandaaz Discovery Challenge can be accessed here.
For any related queries, please feel free to email us at kdc@karandaaz.com.pk

Applications Open:

20th Nov 2023

Applications Close:

14th Dec 2023

FAQs

Karandaaz invites applicants to submit their research proposals within
one of the following areas of focus

Digital platform, fintechs, financial services providers such as banks, NBFIs, MFIs/MBFs, other players such as aggregators or marketplaces that enable women to generate income, send or receive payments and open a bank account. The solutions can be B2C (business-to-consumer), B2B (business-to-business) or B2B2C (business-to-business to consumer)  in credit, insurance, payments & remittances, savings & personal financial management, or enabling an environment addressing challenges of women’s financial inclusion

Digital platform, fintechs, financial services providers such as banks, NBFIs, MFIs/MBFs, other players such as aggregators or marketplaces that enable women to generate income, send or receive payments and open a bank account. The solutions can be B2C (business-to-consumer), B2B (business-to-business) or B2B2C (business-to-business to consumer)  in credit, insurance, payments & remittances, savings & personal financial management, or enabling an environment addressing challenges of women’s financial inclusion

Digital platform, fintechs, financial services providers such as banks, NBFIs, MFIs/MBFs, other players such as aggregators or marketplaces that enable women to generate income, send or receive payments and open a bank account. The solutions can be B2C (business-to-consumer), B2B (business-to-business) or B2B2C (business-to-business to consumer)  in credit, insurance, payments & remittances, savings & personal financial management, or enabling an environment addressing challenges of women’s financial inclusion

Digital platform, fintechs, financial services providers such as banks, NBFIs, MFIs/MBFs, other players such as aggregators or marketplaces that enable women to generate income, send or receive payments and open a bank account. The solutions can be B2C (business-to-consumer), B2B (business-to-business) or B2B2C (business-to-business to consumer)  in credit, insurance, payments & remittances, savings & personal financial management, or enabling an environment addressing challenges of women’s financial inclusion

Digital platform, fintechs, financial services providers such as banks, NBFIs, MFIs/MBFs, other players such as aggregators or marketplaces that enable women to generate income, send or receive payments and open a bank account. The solutions can be B2C (business-to-consumer), B2B (business-to-business) or B2B2C (business-to-business to consumer)  in credit, insurance, payments & remittances, savings & personal financial management, or enabling an environment addressing challenges of women’s financial inclusion

Digital platform, fintechs, financial services providers such as banks, NBFIs, MFIs/MBFs, other players such as aggregators or marketplaces that enable women to generate income, send or receive payments and open a bank account. The solutions can be B2C (business-to-consumer), B2B (business-to-business) or B2B2C (business-to-business to consumer)  in credit, insurance, payments & remittances, savings & personal financial management, or enabling an environment addressing challenges of women’s financial inclusion

Digital platform, fintechs, financial services providers such as banks, NBFIs, MFIs/MBFs, other players such as aggregators or marketplaces that enable women to generate income, send or receive payments and open a bank account. The solutions can be B2C (business-to-consumer), B2B (business-to-business) or B2B2C (business-to-business to consumer)  in credit, insurance, payments & remittances, savings & personal financial management, or enabling an environment addressing challenges of women’s financial inclusion