Karandaaz Pakistan published a blog post on the use of prepaid cards in Pakistan. Among the needs discussed was a clear framework for the KYC requirements governing Pakistan’s prepaid market. That regulation arrived earlier this week.
Human-centered design (HCD) is a methodology that has existed for a while but began to resemble its current form in the early 1990s. More recently, the development sector has begun to adopt it in various sectors including the field of financial inclusion.
Borrow a relative’s credit card. Have a friend pay. For those excluded from the formal financial system, paying online is more often a matter of finding the right proxy than finding the right tool. Innovations such as mobile wallets continue to expand access to electronic payments.
No-frills - or basic bank accounts - are another tool in the arsenal of central banks and financial service providers that are interested in promoting universal financial inclusion. They traditionally have two defining characteristics.
Despite encouraging advancements in the number of first time bank account holders, a startling gender gap persists in financial inclusion as a result of a variety of barriers to access across the developing world.
In Pakistan, there are two primary transaction channels in the branchless banking sector: mobile wallets, and over-the-counter (OTC). In contrast to the mobile wallet platform where customers execute all transactions on their mobile phones themselves, the OTC model is facilitated by an agent. This channel is a convenient and reliable.
