Latest news with #Karandaaz
Business Recorder
3 days ago
- Business
- Business Recorder
Digital payments: Utility bills to have QR codes
ISLAMABAD: In a major step towards cashless economy the government has decided that all electricity/ telephone/ gas bills will have printed QR codes, thereby allowing payment through digital means, well informed sources told Business Recorder. This decision was taken at a recent meeting presided over by the Prime Minister, Shehbaz Sharif, which was attended by all the concerned ministries/ organisations. Prime Minister, will launch Digital Payment Index Pakistan next month for which Governor SBP and CEO Karandaaz are to make arrangements. According to sources, a team led by Secretary Petroleum and Natural Resources and comprising, Secretary Power, Secretary M/o IT&T and Chairman Capital Development Authority (CDA) will formulate the mechanism within a month. Digital payments: Pakistan PM forms three high-powered panels Secretary Petroleum and Chairman Oil and Gas Regulatory Authority (OGRA) will devise a mechanism in one month for mandatory acceptance of payments through QR codes, Point of Sale (PoS) terminals, soft PoS to be made available in all petrol stations across the country ( including AJ&K, GB regions) and Motorways as this will be mandatory condition of their licences, the sources added. Chairman CDA, in consultation with the Law and Justice Division is tasked to review legal framework for mandating acceptance of QR codes, PoS terminals, soft PoS, or other approved digital payment instruments and to mandate acceptance accordingly. For the State Bank of Pakistan (SBP), the following revised target, as proposed by the Sub-Committee on digital payments innovation and adoption, were approved: (i) active digital commerce payment points include QR codes- 2 million from existing 0.5 million ;(ii) active merchant- 1 transaction per month ;(iii) the number of mobile/ internet app and digital banking users to be increased to 120 million from 95 million during FY 26;(iv) the number of digital transactions will be enhanced by 100 per cent to 15 billion from existing 7.5 billion ; and (v) remittances to be credited in bank accounts/ wallets ( no cash payments)-100 per cent digital from existing 80 per cent. Secretary Finance and Governor State Bank of Pakistan have been directed to revise annual subsidy allocation ceiling for supporting cashless transactions to Rs 3.5 billion ( 0.5 per cent incentive to banks for encouraging merchants on boarding on Raast). Banks may charge MDR of up to 0.25 per cent from merchants. Any amount in excess of this ceiling to be borne by the service providers. The Government Payment Sub-Committee, in consultation with provincial governments and relevant stakeholders, shall review the proposed timelines for implementation of its proposed recommendations. For submission of plans on State Owned Entities (SOEs) and P2G targets, revised timelines, reduced by at least one fourth will be shared during the next meeting of the Committee. Governor SBP has been directed to ensure that private sector members on the Board of Raast Payment Pakistan shall be renowned experts with a proven professional track record in the field of digital payments. Governor SBP has also been directed to finalise appointment of Chief Executive Officer (CEO) Raast Payment Pakistan by end of September 2025. Secretary Information Technology and Telecom has been asked to make all necessary arrangements for the inauguration of the Islamabad IT Park by the third week of August 2025 without exception. The meeting also decided that Right of Way (RoW) charges will be eliminated beginning with CDA, NHA and Pakistan Railways. Capital Development Authority while granting NOC/ approval to new housing societies shall prescribe a condition that these societies will not impose any Right of Way for development/installation of IT and IT related infrastructure /fiberization. Law and Justice Division to review legal instruments for implementation of this decision. This shall serve as a model for provincial governments to adopt for which consensus will be developed. Copyright Business Recorder, 2025
Business Recorder
19-06-2025
- Business
- Business Recorder
Karandaaz Financial Inclusion Survey released
KARACHI: Karandaaz Pakistan has released the 2024 edition of the Karandaaz Financial Inclusion Survey (K-FIS), marking a decade of demand-side financial data and providing a powerful roadmap for advancing inclusive finance in Pakistan. K-FIS continues to be the only nationally representative demand side survey that captures people's real financial experiences across gender, geography, and income segments. The 2024 findings reveal a significant leap in financial inclusion, which has increased fourfold, from just 8 percent in 2013 to 35 percent in 2024. This growth is primarily driven by the rise of mobile money, now used by 30 percent of adults, up from less than 1 percent ten years ago. While this progress is encouraging, the report highlights persistent gaps in usage, trust, and equity. Only 14 percent of women report owning a full-service financial account, compared to 56 percent of men. Women's access to mobile phones also remains limited, with only 46 percent ownership compared to 82 percent for men, limiting their ability to avail digital financial services. Geographic disparities persist as well. Punjab (40 percent), Islamabad (38 percent), and Gilgit-Baltistan (33 percent) have made significant strides in inclusion, whereas Balochistan (23 percent) and Azad Jammu & Kashmir (25 percent) continue to lag behind. The adoption of the government-backed RAAST payment system shows promise, with wallet registrations more than doubling from 17 percent to 41 percent in the last two years. Users cited speed (77 percent) and affordability (43 percent) as the main advantages. Addressing the webinar for the launchof report, Waqas ul Hasan, CEO Karandaaz, has said as the K-FIS results reveal, there is a persistent and troubling gender divide. 'Today, 56 percent of adult men in Pakistan have a registered financial account, compared to just 14 percent of women,' he added. He said that Karandaaz envisions a Pakistan where these divides no longer exist and where every individual, regardless of gender, has the tools to participate fully in the formal economy. 'We believe that inclusion is not a one-time achievement, but a continuous journey, and that data, like the one we share today, must guide us,' he added. Despite this progress, formal financial services remain underutilised. A striking 85 percent of adults continue to rely on informal sources — mainly family and friends—for credit. Meanwhile, trust remains a critical barrier: only 9 percent of excluded adults say they trust banks, and just 8 percent trust mobile money providers. Only 36 percent feel comfortable using any financial service. During the keynote address, Syed Samar Hasnain, Executive Director Digital Financial Services, State Bank of Pakistan (SBP), stressed on the significance of demand-side surveys, commenting, datasets are collected regularly on the supply side, from the perspective of financial institutions. However, data collection efforts on the demand side, from the perspective of households and individuals, are limited. Nonetheless, individual level surveys are essential to get invaluable insights regarding financial behavior, he added. The webinar for the launch also featured two important panel discussions. The first one, titled 'From Growth to Gaps – Who's Included, Who's Left Behind: The Next Horizon in Financial Inclusion?,' was moderated by Stephen Rasmussen, former CEO of CGAP, with an expert panel consisting of Jahanzeb Khan, CEO, easypaisa Digital Bank; Mehr Shah, Head of Research, Raqami Islamic Digital Bank; and Umair Ahmad, Senior Joint Director, Agricultural Credit & Financial Inclusion Department, State Bank of Pakistan. The second panel, titled 'Closing the Gender Gap in Financial Inclusion and Building Financial Resilience within Communities,' was moderated by Ali Akbar Ghanghro, Senior Manager, Research & Insights, Karandaaz Pakistan. The panel featured Patrick Reily, Founding Partner, Uplinq Technologies; Hussam Razi, Associate Director, Innovations for Poverty Action; Halima Iqbal, CEO, Oraan; and Nageen Akhtar, Head of Innovation, Bank Alfalah. Copyright Business Recorder, 2025
Express Tribune
19-06-2025
- Business
- Express Tribune
Financial inclusion surges, gaps persist
Listen to article Financial inclusion in Pakistan has quadrupled in a decade, rising from just 8% in 2013 to 35% in 2024, according to the latest Karandaaz Financial Inclusion Survey (K-FIS). This growth is largely attributed to mobile money usage, which now reaches 30% of adults, up from under 1% ten years ago. Karandaaz Pakistan released the 2024 K-FIS, marking ten years of demand-side financial data and offering insights for advancing inclusive finance in the country. Despite notable gains, gaps in access, trust, and equity remain. Only 14% of women report owning a full-service financial account, compared to 56% of men. Mobile phone ownership among women stands at 46%, significantly lower than 82% for men, limiting access to digital financial services. Geographic disparities also persist. Punjab leads with 40% financial inclusion, followed by Islamabad (38%) and Gilgit-Baltistan (33%). Balochistan (23%) and Azad Jammu & Kashmir (25%) trail behind. Adoption of the government-backed RAAST payment system has risen sharply. Wallet registrations have more than doubled from 17% to 41% in two years. Users cited speed (77%) and affordability (43%) as key benefits. Waqasul Hasan, CEO of Karandaaz, said, "As the K-FIS results reveal, there is a persistent and troubling gender divide. Today, 56% of adult men in Pakistan have a registered financial account, compared to just 14% of women." He added, "Karandaaz envisions a Pakistan where these divides no longer exist and where every individual, regardless of gender, has the tools to participate fully in the formal economy. Inclusion is not a one-time achievement, but is a continuous journey, and data must guide us." Despite this progress, formal financial services remain underutilised. A striking 85% of adults continue to rely on informal sources — mainly family and friends — for credit. Meanwhile, trust remains a critical barrier: only 9% of excluded adults say they trust banks and just 8% trust mobile money providers.
Arab News
25-03-2025
- General
- Arab News
‘Spirit of Ramadan': Young professionals in Islamabad organize free iftar meals for poor
ISLAMABAD: Eshal Arooj, 23, regularly visits shelter homes in Islamabad as part of her job at Karandaaz, a not-for-profit aimed at promoting sustainable development in Pakistan, which often makes her aware of the hardships faced by the poor and underprivileged in Pakistan. This Ramadan, Arooj decided to team up with two of her friends from the university days, Amna Wasim and Yahya Shahid, to arrange iftar meals for the needy in the Pakistani capital, fostering a culture of unity and compassion by bringing smiles to their faces. The three friends, who used to pool together their pocket money for similar causes during their studies, this time decided to take a structured approach by dedicating a portion of their incomes to fund iftar meals on every weekend. 'The idea of food or iftar drives came to me when I visited various shelters. It made me realize how much of a bubble I was living in and how I needed to step out of it to give back to society. Whenever I saw people, especially children, it sparked a deep feeling inside me to help them,' Arooj told Arab News, describing it as the true 'spirit of Ramadan.' 'One thing that resonates deeply with me is how children or elders in orphanages often lose their sense of identity and suffer from emotional disconnect. When we sit, eat and talk with them, it helps bridge that gap and brings them comfort.' Charity, encompassing both obligatory 'zakat' and voluntary giving, is highly valued among Muslims during the holy month of Ramadan. It symbolizes generosity, compassion and purification of wealth and soul, with rewards believed to be multiplied. For Wasim, a 24-year-old employee of the Pakistani planning ministry, Ramadan is a time that strengthens bonds between people. 'I've always been involved with the community, something I inherited from my parents, who were always giving. Growing up in such an environment instilled in me a deep sense of responsibility. I wouldn't be who I am today without the support of my community,' she said. She believes it is the little things that matter the most, but are often overlooked in the society. 'When you gather to break your fast with people from different backgrounds, there's a beautiful sense of community and oneness,' she said. 'It's the little things, seeing someone smile, sharing a moment, that truly matter.' Shahid, who works for Bondh E Shams that strives to provide clean drinking water in Pakistan and other countries, believes a simple iftar meal brings some moments of relief to those who are struggling and makes them happy. 'There are countless struggles people face that we may never know. Food, though simple, has the power to bring joy to anyone,' the 23-year-old said. 'That's why we do this work, to bring moments of happiness to those who are struggling.' COMPASSION, COMMUNITY SPIRIT The food drives organized by the three youngsters have not only been providing meals to the poor, but also raising awareness about underserved segments of the society. Fayyaz Ahmed, the founding chairman of the Mohammadi Agosh orphanage in Islamabad, said Ramadan reminded them that even small acts of kindness could leave a lasting impact on people's lives and these youngsters were the living embodiment of the 'spirit of Ramadan.' 'When people from outside come here and donate to the children, our budget is saved,' he said. 'We spend that budget on the education of the children, on the clothes of the children, on the medical care of the children and on all basic necessities of life.' Ahmed said it meant a great deal for the children at his orphanage to see visitors who genuinely cared about them, adding that these young professionals served as a 'shining example' of compassion, commitment and community spirit. 'We want more people to come and spend time with these kids. It lifts their spirits, and we hope thousands will follow this example,' he added. Arooj says everyone can inspire a change in the society in their own humble capacity, and Ramadan is the best time for such deeds. 'No matter how small your income [is] or how limited your resources [are], you can still bring change to someone's life,' she said. 'You might not change the whole world, but you could change the world for just one person.'
