Financial inclusion is essential – not only for the economic and social development of a country but also for reduction of poverty and suataianble growth of a country. With 84% of the population lacking access to formal financial services, limited financial inclusion is a major problem in Pakistan. The high cost of banking infrastructure prevents the delivery of formal financial services beyond a small portion of the population. However, with considerable tledesnity in Pakistan, digital financial services offer a potential solution for overcome problems of reach and scale.

To catalyze the growth of and to strengthen the nascent FinTech landscape of Pakistan, Karandaaz Pakistan, decided to launch country’s first FinTech Challenge Fund in 2016.