RAAST Rapid Merchant Onboarding and Facilitation Entities (RMOFE)
Pakistan’s retail economy remains heavily cash-reliant, with limited digital payment adoption among MSMEs. The RMOFE challenge aims to identify partners who can rapidly onboard merchants onto Raast, ensuring account setup, digital enablement, and sustained usage—especially across underserved Tier 2 and Tier 3 markets.
Thematic Areas
Category A for merchant onboarding, training, and engagement
Karandaaz seeks proposals under this category to promote the sustained adoption of Raast Digital Payments via QR as a cash alternative. Selected entities will deliver merchant-focused onboarding and training, coordinate with banks and EMIs to resolve issues, and implement a collaborative framework for data collection, KYC, fraud mitigation, and seamless registration as a merchant. At least 5% or a minimum of 200 women-led businesses must be included. Proposals should target underserved merchants in informal sectors and Tier 2/3 cities using one of the three acceptable onboarding models: field force (bank-agnostic), tech-supported field teams, or assisted self-registration through digital platforms. Proponents must demonstrate a sustainable business model beyond pilot funding, offer ongoing support to merchants and establish systems for monitoring, reporting, and impact measurement.
Category B – innovative, technology-driven, and scalable solutions
Karandaaz invites proposals that promote or accelerate the adoption of digital payments among merchants, particularly small and informal ones. These solutions may include simplifying and automating onboarding, improving usability and merchant convenience, developing platforms that support the entire digital payment journey, or introducing any technical intervention that can further the ambition of digital payments adoption. Proposals may also involve pilot projects, third-party integrations, behavioral nudges, or strategic partnerships that drive Raast adoption. All solutions must comply with relevant regulations, ensure security and data privacy, demonstrate long-term sustainability without ongoing external support, and include a realistic, scalable implementation plan
Who Can Apply?
Proposals are invited from a wide range of organizations, including non-banking entities, fintech, technology providers, and those with innovative models or partnerships that enable cashless ecosystems. Applications from past onboarding participants aiming to scale their pilots are also welcome, as are joint proposals with financial institutions.
Preference will be given to proposals that meet some or majority of the following criteria:
- Include gender-focused strategies, especially to onboard women-led businesses.
- Demonstrate experience in digital payments or community engagement.
- Offer end-to-end merchant support, from onboarding to issue resolution.
- Show scalability, sustainability, and technical readiness.
- Present a clear action plan that directly supports increased adoption of Raast-based digital payments.
- Comply with relevant regulations, KYC, data privacy, and cybersecurity standards.
Applicants must demonstrate scalability, sustainability, and financial feasibility in their proposed solutions.
Despite progress in digital payments, Pakistan’s retail economy remains largely informal, with only 115,177 POS-enabled merchants out of 5 million MSMEs. Karandaaz aims to expand Raast’s reach—Pakistan’s low-cost instant payment system—by partnering with entities to drive digital adoption among Tier 2/3 merchants nationwide or simplify the digitization journey via technical solutions..
Raast is Pakistan’s instant payment system developed by the State Bank of Pakistan, enabling seamless, real-time digital payments between individuals, businesses, and government entities.
This program is designed to engage qualified entities to onboard and enable merchants to accept payments through Raast, promoting digital payment adoption across Pakistan. Selected entities will be responsible for identifying, educating, and onboarding merchants to accept payments via Raast.
Selected partners will :
- Identify and onboard eligible merchants (opening merchant accounts with banks, etc.).
- Provide training on Raast usage.
- Ensure technical enablement (QR setup, integration, etc.)
- Conduct follow-ups to ensure active usage.
- Report onboarding progress and metrics regularly.
Merchants across sectors (retail, services, etc.), gender (male, female) and sizes (micro, small, medium) are encouraged, with a focus on underbanked, informal markets and cash-heavy segments.
The program offers :
- Connecting to formal institutions.
- Periodic check-ins and performance reviews.
- Incentive structures based on performance.
Yes, performance indicators include :
- Number of merchants onboarded
- Merchant activation and transaction volume (monthly)
- Geographic diversity of onboarding
- Sustained usage over a defined period
Success is measured not just by the quantity of merchants onboarded but by quality metrics such as activation rate, retention, and transaction frequency and specific focus on onboarding female merchants.
Typically, engagements may span 1 year but it would vary on case to case basis, extendable based on performance and program needs.
Yes, performance-based compensation models may be used, which could include payments per active merchant or bonuses tied to milestone achievements.
You can apply through the official form once the Terms of Reference (TOR) and application details are published. Monitor (TORs Link) for announcements.
Detailed proposals are to be sent to RaastRMOFE@karandaaz.com.pk with subject “Merchant Onboarding Entity-< Entity Name>”.
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