Caretaker IT & Telecom Minister Dr. Umar Saif had a special meeting with CEO Karandaaz Waqas Al Hasan. During the meeting, encouraging progress was seen regarding digital payments. Both sides, in a mutual consultation, decided that State Bank of Pakistan and Karandaaz will jointly promote the Digital Payment System in Pakistan.
Dr. Umar Saif said that Karandaaz and the State Bank together would lead Pakistan towards a digitized economy. He added that the development will enable everyone to make digital payments easily. About the ongoing development plan, he said that now digital payment system will be introduced in the economy, after which people will be able to use digital payment methods instead of cash for shopping easily.
According to the caretaker minister IT, Karandaaz & SBP have jointly installed the Raast system in Pakistan. He added that the installation of the system will benefit over 30 million people.
The digital payment system has started to evolve in Pakistan. SBP has been working on the system in the form of Raast and Digital Financial Services (DFS). Now, with the inclusion of a not-for-profit special-purpose vehicle like Karandaaz, the promotion of digital payment will hopefully take a further positive leap.
Karandaaz was set up in August 2014 under Section 42. It is an implementation partner of the Enterprise & Asset Growth Programme and Sustainable Energy & Economic Development Programme of the UK’s Foreign Commonwealth & Development Office. The company promotes financial inclusion through technology-enabled solutions. It also provides access to finance for micro, small and medium-sized businesses through a double-bottom-line investment platform.