Karandaaz Digital

Realizing the Potential
of Digital Financial Services

Research and Data Analytics

Karandaaz Digital also conducts research, assessment, and digital experimentation to assess the pricing and product adaptation possibilities for digital financial services among low income segments. The output of this workstream is published in the form of blogs, technical manuals, study reports and case studies and contribute a valuable addition to the knowledge base for the sector.  


Customer Segmentation Study

Pakistan is faced with low levels of adoption and usage of digital financial products. In order to help Digital Financial Services practitioners meet the needs of the low-income population and women, Karandaaz has partnered with Dalberg and Rockefeller Philanthropic Advisors (RPA) to develop a nuanced framework for analysis and action in designing and delivering digital financial products based on people’s attitudes, behaviors, experiences, and preferences for money and technology. The study also focuses on building an in-depth understanding of gender in order to address the gender gap in financial inclusion. The study is filling the knowledge gaps in the market for the delivery of more engaging and relevant customer experiences as well as more appealing and relevant products. The complete report and gender deep-dive of the Customer Segmentation Study can be found here.

Human Centered Design Study on Benazir Income Support Programme (BISP) Beneficiaries

Karandaaaz is carrying out an in-depth study to evaluate the Bio-metric Verification System (BVS) -based cash withdrawal process for Benazir Income Support Programme (BISP) beneficiaries. BISP is the largest safety net programme currently running in Pakistan. Insights from this study are expected to assist in redesigning the withdrawal process and for scaling across the country.

Fintech Center, Information Technology University (ITU), the Punjab

Karandaaz has partnered with ITU to develop solutions that will help increase the financial inclusion of women. The partnership includes actionable 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. The final reports for all three studies can be accessed here.

Retail Payments Study

Merchant payments have been identified by all stakeholders as a key payment use case for all segments of the population and currently, these transactions are mostly cash based. Karandaaz initiated a research study with the aim of understanding the factors that are hindering the uptake of digital solutions for retail payments in Pakistan. This study also undertakes a detailed segmentation exercise to understand the pain points and requirements of each merchant segment to facilitate and enable digital merchant payments. The outcomes of the study inform Karandaaz’s work in the implementation of a micropayments gateway with the State Bank of Pakistan and enable other industry players to design payment solutions for merchant segments backed by evidence.

FINCA Roaming SIMSIM Agent (RSA) Experiment

Karandaaz Pakistan is conducting a pilot in partnership with FINCA Microfinance Bank for mobilizing economically active women in peri urban/rural areas in the use of digital financial services through Roaming Female SIMSIM Agents. SimSim Women Community Mobilizer is an initiative being undertaken by FINCA Microfinance Bank to promote women financial inclusion by offering products and services tailored to needs of women in rural communities using SimSim Wallet. The project will focus on converting women communities towards digital payments, with the objective of financially empowering them and creating opportunities for economic prosperity.


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