Spearheading the shift to digital finance
In order to promote innovation and digital experimentation, Karandaaz sponsors research studies to assess the adaptation possibilities for digital financial services. Findings from these studies are published in the form of blogs, technical manuals, reports, and case studies and contribute towards the knowledge base of the sector.
We’re always looking for collaborative partners to fuel our research and development efforts in a variety of areas. Learn more about our ongoing and past initiatives below.
Advancing DFS adoption among women
Application Deadline: 31 March 2024
Despite the potential benefits, adoption of Digital Financial Services among women remains low due to various hurdles. Existing solutions lack focus on women’s unique needs and challenges, such as limited access to mobile phones, low financial literacy, and cultural barriers.
Utilising a design thinking approach, Karandaaz seeks research proposals for a study on women’s engagement with DFS.
Karandaaz discovery challenge
In an effort to harness the momentum generated by the recent developments in the DFS ecosystem in Pakistan, Karandaaz aims to provide research support that addresses current knowledge gaps and fosters inventive ideas and insightful solutions.
This Discovery Challenge round features a grant to support research in the emerging domains of Digital Financial Services.
Customer segmentation study
In partnership with Dalberg and Rockefeller Philanthropic Advisors (RPA), Karandaaz has developed a framework to enhance the adoption of Digital Financial Services in Pakistan. This research focuses on understanding people’s attitudes, behaviors, and preferences towards money and technology, with a special emphasis on bridging the gender gap in financial inclusion.
The study aims to improve customer experiences and create more relevant financial products.
Human-centred design study on BISP beneficiaries
Benazir Income Support Programme (BISP) is the largest safety net programme running in Pakistan.
This study aims to evaluate the Biometric Verification System-based cash withdrawal process for BISP beneficiaries. Insights from this study will assist in redesigning scalable withdrawal processes across the country.
Fintech Center, Information Technology University (ITU)
Karandaaz has partnered with ITU to develop solutions that will help enhance women’s financial inclusion. The partnership includes research conducted by the FinTech Center at ITU on understanding the Digital Financial Services needs of female micro-entrepreneurs, development of a women-focused mobile solution for a Digital ROSCA (Rotating Saving and Credit Association), and solutions to safeguard women against fraudulent SMS.
Study on retail payments
Merchant payments have been identified as a key payment use case for all population segments. Currently, these transactions are mostly cash-based.
This research study dissects the factors hindering the uptake of digital solutions for retail payments in Pakistan. It also undertakes a segmentation exercise to understand the pain points and needs of each merchant segment. The outcomes of this study inform Karandaaz’s efforts in the implementation of a micropayment gateway with the State Bank of Pakistan, and enable other industry players to design evidence-based payment solutions for merchant segments.
FINCA Roaming SIMSIM Agent (RSA) experiment
In partnership with FINCA Microfinance Bank, Karandaaz is piloting a project to promote women’s financial inclusion in peri-urban and rural areas through Roaming Female SIMSIM Agents. This initiative uses the SimSim Wallet to offer tailored digital financial services, empowering women and fostering economic prosperity through increased use of digital payments.
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