Karandaaz Digital

Realizing the Potential
of Digital Financial Services

Digital Public Infrastructure

Karandaaz Digital is working with apex institutions like State Bank of Pakistan, Securities and Exchange Commission of Pakistan, National Savings, National Bank of Pakistan, and others to develop national digital platforms which shall enable digital inclusion of the unbanked population.


Pakistan Digital Stack

A digital stack refers to a layered architecture of interoperable digital services that serve as the foundation for modern, efficient, and transparent government operations. By adopting a digital stack, countries have streamlined public and private sector service delivery, spurred innovation, and ensured governance to be highly responsive and inclusive. The Pakistan Digital Stack is envisaged to be more than a technological leap; it’s going to lay a strategic foundation for modernizing the public and private sectors of Pakistan and catalysing economic growth. Our workshop will explore the components of digital stacks, including digital identity, consent layer, data exchange layers, real-time payments, citizen super app, and open government APIs, and discuss strategies for their integration and implementation.

A Memorandum of Understanding was signed between the Ministry of Finance (MoF) and KRN in October 2023 under the auspices of the BMGF for the establishment of a complete Pakistan Digital Stack, a Digital Public Infrastructure initiative. With Raast, the Payments layer, fully launched in collaboration with the State Bank of Pakistan, we are now ready to commence the phase for finalizing the strategy, action plan and design for the Digital Identity and Data Exchange layers as the next 2 layers of the Pakistan Digital Stack.

The leadership and active participation of the industry is instrumental for the success of this large-scale and highly complex intervention which will certainly pave the way for Pakistan’s economic development. Therefore, Karandaaz Pakistan invited senior officials from Ministries and Public Sector Entities as well as Global Subject Matter Experts to contribute their strategic/technology leadership at the workshop for Envisioning the Pakistan Digital Stack. The workshop served as a platform to explore the integration of the Pakistan Digital Stack with Pakistan’s digital and data assets, reshaping the landscape of governance and business operations. The workshop aims to brought together international & local experts, Government of Pakistan officials, policymakers, and industry leaders to deliberate on the conceptualization and operationalization of the Pakistan Digital Stack. As the world swiftly moves towards digital governance & economic systems, the need for a robust, efficient, and inclusive digital public infrastructure is more pronounced than ever. The Pakistan Digital Stack initiative seeks to leverage this global momentum to transform service delivery, economic growth, and governance in Pakistan. This initiative aims to be an integral part of Pakistan’s journey towards digital governance and economic modernization, aiming to craft robust, efficient, and inclusive digital infrastructure.

Pakistan's Instant Payment System - RAAST

Grant: USD 16 Million

Karandaaz supported the creation of an instant payment system ‘Raast” at the State Bank of Pakistan. This system will enable low-cost digital transactions between mobile wallets of various financial service providers, allowing interoperability. The system will not only promote the financial deepening of the already financially included but also bring the unbanked and excluded into the formal fold. Raast will be at the center of the digital payment ecosystem in Pakistan and will connect merchants, businesses and SMEs, and consumers to banks, microfinance banks, fintechs, payment service operators and providers, and government entities. This connection, that is currently missing, will be possible through the internet, phones, mobiles, and agents now that a central payments gateway to make high-volume low-value digital payments possible has been put in place. Deployment of this nationwide payment system has been developed on the level one principles, an initiative of the Bill & Melinda Gates Foundation. For more information, visit here.

Raast Merchant Onboarding Entity (MOE)

Raast, the groundbreaking Instant Payment System for Pakistan, embarks on a transformative journey aimed at revolutionizing merchant payments through the utilization of unique Raast IDs, IBAN, Static/Dynamic QR codes and USSD. The Merchant Onboarding Entity (MOE), an instrumental component of this initiative, will transcend the conventional boundaries of merchant enlistment and encompass an array of multifaceted roles and responsibilities. It will be tasked with managing the seamless onboarding of retail outlet merchants, gearing them up for P2M transactions, and providing essential support to ensure a frictionless transition into this innovative payment ecosystem.
Karandaaz Pakistan is on the lookout for partners who can help make this happen, so we invite all those who are interested and meet the eligibility criteria to participate in this Call for Proposals. Please follow the link to learn more.


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Non-profit company registered under Section 42 of the Companies Act, 2017