With a vision statement of “financially included, economically empowered Pakistanis” Karandaaz Pakistan, through all of its four verticals i.e., Capital, Digital, Innovation and Research; is working to develop and promote an all-inclusive and a conducive financial environment and accords great importance to equal provision of financial services to women.
Businesses, large or small, are an important part of any society and fulfil various needs and functions. On one hand, they provide livelihood and employment to owners and workers, and on the other hand, they produce and distribute essential goods without which populations may not thrive.
Access to financial services has been a subject of increasing policy debate in developing countries. Financial inclusion is important as it reduces poverty and inequality, allows poor people to smooth out their consumption and invest in their futures through education and health.
Conventional banking has typically focused on the 5Cs of “Credit” – character (identity), collateral (security), capacity (to repay), capital (savings, investments, or other assets), and conditions (usage of loan) – while making lending decisions.
Gender disparity in Pakistan exists at various levels despite not being present in the population divide. The Global Gender Gap Report of 2016 ranks Pakistan at 143 (out of 144) in the world in terms of economic participation and opportunities for women.
Karandaaz Pakistan recently held a Fintech Disrupt Challenge (FDC 2016) in collaboration with the Lahore University of Management Sciences Center for Entrepreneurship (LCE) with the aim of fostering fintechs in the country.
Challenge Funds (CF) have been implemented in several countries by donors to elicit innovative responses to a variety of chronic challenges, including bottlenecks in financial access, reducing the number of out-of-school children, arresting waste and inefficiencies in agricultural value chains.
Karandaaz Pakistan published a blog post on the use of prepaid cards in Pakistan. Among the needs discussed was a clear framework for the KYC requirements governing Pakistan’s prepaid market. That regulation arrived earlier this week.
Borrow a relative’s credit card. Have a friend pay. For those excluded from the formal financial system, paying online is more often a matter of finding the right proxy than finding the right tool. Innovations such as mobile wallets continue to expand access to electronic payments.