Karandaaz Digital

Realizing the Potential
of Digital Financial Services

Innovation and Incubation

Karandaaz Digital partners with commercial service providers, private firms, and FinTechs to develop and test digital payment solutions with the prospect of reaching millions of new customers that are otherwise financially excluded or have limited access to financial products and services.


Design Thinking as a Service Programme

Karandaaz Design Thinking as a Service Programme has been launched to support the Digital Financial Service Players who offer their services through mobile and web-based platforms. This programme will facilitate the use of design thinking methodology in developing digital financial products and services that not only address the need of the customer but also create a user experience that leads to stickiness and repeats usage. The programme is to support the DFS industry by promoting the use of Human Centred Design approach in developing or improving their product and service design. Karandaaz intends to work with players who can provide a seamless customer experience of digital financial services. Interested DFSPs (Mobile Money operators/Fintech/Startups) may apply by filling out a form that captures the requirements and scope of work. Karandaaz team will conduct its due diligence of the scope and share the requirements with the panel of partner design firms. The design firms will bid on the assignment and the lowest bidder will be awarded the contract. Upon final selection of the design firm, 50% cost of the project will be borne by the applicant while Karandaaz will bear up to 50% or PKR 5 lac (whichever is lower) cost of the total project value.

For more details and to access the application form, visit: https://karandaaz.com.pk/design-thinking/

Pilot to Scale Grants Programme

Karandaaz Digital has initiated a ‘Pilot to Scale Grants Programme’ with an aim to build models and solutions for the financial inclusion of the unbanked and underbanked population. In addition to empowering those who do not have an account, research suggests that the underbanked population must be targeted with pilots that introduce financial deepening to such segments. The support from Karandaaz will enable private DFS players to test pilots and scale the successful ones and disseminate the learnings for wider use. The programme focuses on the following three categories:

  1. Digital Payments
  2. Sectoral Lens: Digitization of Payments in Value Chains
  3. Identification of product white spaces in DFS – Creation of new financial use-cases on digital channels

Private sector DFS providers and innovators can apply for these grants. All such interests will be evaluated based on the following scalability assessment matrices:

  • Is the proposed pilot addressing a major need in the industry?
  • What is the target population impacted?
  • What is the capability of the partner organization?
  • How much capital is needed to scale this experiment/project proposed under the grant programme?
  • Which other private companies will leverage the results?

Details for each domain under the ‘Pilot to Scale Grant Programme’ can be downloaded from the following links:

Please do mention the respective domain under which you wish to apply for grant in the subject line of your email along with a deck of slides or a PDF containing an initial proposal as an attachment and send to programofficedfs@karandaaz.com.pk

User Interface and Experience

Study: USD 200,000
Karandaaz conducted a user interface and experience (UIUX) study based on human centered design (HCD) principle. The study concluded that mobile financial services delivered through a well-designed smartphone interface have the capability to extend and improve financial access across Pakistan. An intuitive user interface, taking into account the challenges of the less literate, will enable providers to better serve existing customers as well as expand into new market segments. Karandaaz partnered with one of the leading mobile network operators to develop and redesign its mobile money app using an HCD approach.

FinTech Disrupt Challenge

Grant: USD 460,000
Karandaaz conducts a FinTech Disrupt Challenge in Pakistan to identify and support innovative solutions in the FinTech space. The first round was successfully held in 2016 in partnership with the LUMS Centre for Entrepreneurship. The second round was held in May 2017 in partnership with IBA’s Aman Centre for Entrepreneurial Development. The recently concluded third round ran in partnership with FinTech Factory, Pakistan’s only FinTech focused accelerator.

Till date, Karandaaz has provided grant funding to 10 FinTechs including Ricult Pakistan, PublishEx, Paysys Labs, Credit Fix, Unikrew Solutions, Agri-Gate, Invoice Waqalah, Matilda Solutions, Love for Data, and Agri Mart.

Click Here to Download FDC Toolkit

Digital Experiments in Partnership with DFS Providers

Karandaaz has onboarded three digital financial service (DFS) providers as partners to conduct digital experiments to address the barriers related to uptake and active usage of digital accounts. The lessons learned through these experiments will be widely disseminated for the diffusion and uptake of best practices by the DFS practitioners. A special focus of these experiments is on testing ideas, products, services, and incentive structures that can accelerate the uptake of DFS by excluded and underserved segments, especially rural women. AB testing will be conducted through these experiments to extract results. The thematic focus for the experiments are:

  1. Conversion of In-active/non-users to active users through variation in communication strategies;
  2. Increase in user’s engagement on digital accounts by product level changes;
  3. Test of price elasticity on payment transactions by end users;
  4. Promotion of mobile account usage by conducting financial inclusion focused experiments, especially for women.

To apply, download and fill out the form below and email it at digital.experiments@karandaaz.com.pk

Download form here


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