3 FinTechs in Pakistan transforming the digital landscape

By Leandra Monteiro

In Pakistan, the banking sector has been the first adopter of FinTech and is increasing its financial services rapidly. Effective utilisation of FinTech has helped the Asian country save time, promote new products, services and compete in international markets.

The country is also witness to the ascending usage of online banking and digital payments supporting the locked down businesses that took off with the online orders on channels like Facebook, Amazon, Daraz, FoodPanda etc.

With almost 73% of Pakistan’s population having accessibility to cellular usage, making the country a fertile ground for FinTech growth. The following companies are some of Pakistan’s FinTech start-ups to keep a close eye on:

Keenu

Keenu is a leading FinTech company in Pakistan providing end to end payment solutions to businesses and consumers alike. The company has ventured in Digital Wallet solutions with Keenu app for consumers where they can make quick and hassle-free payments across retail stores nationwide, online stores and make bill payments with just a few taps.

NayaPay

NayaPay is the ultimate wallet for all everyday payments. One can send money to friends and family on NayaPay for free always. Its Visa debit card can be used for online, in-store, and international payments.

NayaPay Arc provides digital payments and financial management tools to entrepreneurs. Its platform is specifically designed to be user-centric and comes with on-ground support. By helping small businesses harness the power of technology, the company believes it can transform the Pakistani economy.

Tez Financial Services

Tez Financial Services is Pakistan’s first fully digital Non-Bank Microfinance Company (NBMFC). Tez aims to provide frictionless financial access to the unbanked and under-banked population via a smartphone application, driven by powerful algorithms and artificial intelligence.

By aggregating credit, savings, insurance, and investments into a single platform, Tez envisions to reduce the financial vulnerability of the long-tail customer, thereby enhancing financial inclusion.

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