In 2009, a microfinance bank and a telecom giant collaborated with a goal of promoting financial inclusion among millions of unbanked people in Pakistan. The two companies introduced a unique instant money transfer service enabling cell phone users to send and receive funds as low as PKR 500 to any place in the country with access to cellular phone service. Long distances were cut short and there was no worry of banking hours, long queues, or tedious paperwork. The service was an instant hit.Read more
Q & A
After spending 18 years in the commercial banking sector, Qasif Shahid recently quit his job and started his own company. He raised $1 million in venture capital to introduce a digital wallet that will allow users to minimize their reliance on hard currency.
The software app developed by his company, Finja, will be linked to the users’ current account, letting them make transactions at a range of partner retail businesses using their smartphones. There will be no need of a debit card anymore, he says.