Spearheading the shift to digital finance
The framework for Digital Nation Pakistan was articulated through three core pillars: Digital Economy, Digital Society, and Digital Governance. The discussions emphasised the role of the Pakistan Digital Stack as a linchpin in this transformation, inspired by successful implementations in nations like Estonia, Singapore, and UAE, and initiatives like ITU GovStack.
Pakistan Digital Stack
A digital stack is a layered architecture of interoperable services that modernizes government operations, enhances service delivery, and fosters innovation. The Pakistan Digital Stack aims to transform public and private sectors, driving economic growth and inclusive governance.
Pakistan's Instant Payment System - RAAST
Karandaaz supported the State Bank of Pakistan in creating Raast, an instant payment system enabling low-cost, interoperable digital transactions across various financial service providers. Raast promotes financial inclusion, connecting merchants, businesses, SMEs, consumers, and government entities to banks, fintechs, and microfinance institutions.
RAAST Rapid Merchant Onboarding and Facilitation Entities (RMOFE)
Karandaaz Pakistan invites partners to join the Raast Rapid Merchant Onboarding and Facilitation Entities (RMOFE) program—designed to accelerate digital payment adoption across MSMEs with a major focus on Tier 2 and 3 merchants. Entities will support merchant onboarding, bank account setup, and digital enablement via Raast. Accepted models include field-based, hybrid, and fully digital approaches, with a strong emphasis on inclusivity, scalability, and gender-focused engagement.
Offline Payments Innovation Challenge
Karandaaz is inviting innovative solutions to tackle one of the biggest barriers to digital financial inclusion in Pakistan: unreliable network connectivity. In remote locations, congested urban zones, and low-signal environments like basements, poor coverage hampers the seamless adoption of digital payments. Through this challenge, Karandaaz aims to identify scalable technologies or models that ensure uninterrupted access to digital financial services across all geographies.
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