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.


Grant: USD 200,000
Karandaaz has partnered with one of the leading private banks in Pakistan to conduct a pilot for digitizing payments to 6,500 last-mile retailers and 10 distributors. This intervention aims to strengthen the delivery of financial services to targeted merchant retailers by understanding merchant motivations for adopting digital payments as well as the business rules and technology requirements.

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.

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

Karandaaz is onboarding partners to conduct digital experiments in partnership with digital financial service (DFS) providers 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 will be 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.