Fintech firms and Pakistan

Few years ago it was almost impossible buy something online .The technology based startup were only limited to entertainment and social networks category only. Ever since 3g and fiber services were  offered by government to public .The demand for online shopping starting to rise .Credit card service meant you don’t need to rely on your uncle or aunt coming from Canada or UK  to Pakistan .You can now purchase and get delivered online at your doorstep.

But this opportunity was limited to high end  banking customers only .Many Major banks tried to offer services  to buy online via  Debit card online banking but still this was someway off to normal clients.Average pakistani tries to avoid complicated process to avail this service .


Daraz.pk Arrivals brought fintech firms attention to Pakistan.With easypaisa By Tameer bank being only available product at the time .Finca the American microfinacne operating in Pakistan as  Finca micro-finance bank introduced an App “Finja” which offers e banking serivces likes payment ,online orders etc.


There are some other startups followed the suit and made apps similar to that .Sadly only of them is offerring fih products like  E-accounts  E-Loans  payday loans etc.Pakistani fintech facing serious issues in offering these products .According to Techjuice “There is a huge lack of awerance in Pakistani society and organisation about Fintech and its products which led to problems in where and how to collaborate .Pakistan has 15% market ratio of fintech firms as compared Asian countries in same class the average ratio of lower middle class countries is 35%.Fintechs in international market are seriously threatening market-share of typical commercial banks worldwide. fin-tech-companies- incumbent-banks.pngcustomer-centricity.png

Owais zaidi was sitting in Taxi when a saw an Taxi driver asking for 1000 rs a loan to fix his tyres .This motivated Owais to launch his own credit lending service in order to help people like that taxi driver .success of Creditfix     was widely appreciated by media and also supported by Melinda and Bill gates foundation .Creditfix works via App in which you can choose your desired e-loan product and submit the application for loan which then will be accepted and rejected after review .If successful are granted the loan.But still the major problem remains that lack of awareness of general Pakistani population of Fintech is limiting the success and another factor is that majority of Pakistani population thinks that E-banking and Fintechs are scams .More then 90% are also unable to get these loans because they are unable to processed via conventional loans and these people having to pay more then twice the market interest rate to get loan from mostly illegal lenders. Fintech in Pakistan are becoming popular and we are not far away to be dominated by Fintechs over conventional banks.

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