Page 50 - CMA Journal (July-August 2025)

Focus Section

As big data analytics emerges as the driving force behind cellular subscribers and 143 million broadband
financial inclusion, it simultaneously increases the risk of connections, which provides the required scale for
digital identity theft, algorithmic discrimination, API innovation. The SBP estimates that the digital payments
abuse, and cross-platform breaches. market alone will grow to nearly USD 36 billion by 2025.
In addition to payments, growth extends to digital
Against this rapidly shifting backdrop, Pakistan’s leap
lending, remittances, wealth management, and
towards a “data-driven financial future” is part of an peer-to-peer financial services. ² Currently, there are over
increasingly high-stakes security paradigm; hence, an
448 active fintech companies in Pakistan, of which Bazaar
invisible war can determine whether technological
is ranked as the top fintech company in the
advancements will be an enabler of growth or a barrier to
country—evidence of the size and competitiveness of
systemic fragility. ¹
the industry. ³
The traditional financial system in Pakistan, previously Since the early 2000s, fintech in Pakistan has steadily
troubled by organizational stasis, bureaucratic
gained momentum, starting with mobile money services
processes, and restricted geographical outreach, is
like Easypaisa, which revolutionized access to financial
being quickly overtaken by digitally based forms of
services through easy payments, deposits, withdrawals,
financial services, which are now far more accessible
and remittances. In 2012, JazzCash—a result of Mobilink
and user-friendly than ever before. Today, millions of (now Jazz) and the National Bank of Pakistan's
formerly underserved citizens can easily enjoy efficient
collaboration—further extended digital transactions. 4
digital payments, microcredits and savings products Several banks then rolled out their mobile banking
created by fintech programs. 2
services, following in the footsteps of these pioneers.
Fintech Landscape and Initiatives in Pakistan To accelerate adoption, the State Bank of Pakistan (SBP)
The fintech landscape in the country is growing at an and the government introduced several major
impressive rate, primarily driven by technological initiatives, including the National Payment Strategy
(NPSS), Micro Payment Gateway (MPG), and digital
advancements, high smartphone penetration, and
onboarding systems. The transaction volume of
increasing internet access. Pakistan has a population of
internet-based payments increased by 53 percent in
240.5 million and a national target to further increase
adult financial inclusion from its current rate of 64% to 2018 compared to 2017, signifying rapid adoption by
consumers in the late 2010s.
75% by 2028, a figure in which fintechs will likely play a
decisive role. The ecosystem has been further reinforced Fintech is also being implemented in microfinance
by regulatory efforts initiated by the State Bank of institutions; one such institution is Telenor Microfinance
Pakistan (SBP), such as digital banking frameworks and Bank, which deployed the Khushhal Digital Platform in
sandbox environments, which have positioned the 2018 to enhance growth in digital services. Nowadays,
country as one of the most promising emerging markets there are over 422 fintech startups in Pakistan, and the
for adopting fintech solutions. success of fintech platforms like Abhi, NayaPay, and
others reflects the growing consumer demand that is
The impetus towards achieving this is supported by
reshaping a financially inclusive digital ecosystem. 4
Pakistan's digital infrastructure, comprising 193 million

Table 2: Leading Fintech Companies in Pakistan

C o m p a n y D o i t p i r c s e n L o o i t a c n F o u n d e d v i r P e t a F u n n i d g
Raised
Bazaar A platform offering an operating system for Karachi 2020 USD 108M
general-purpose businesses (Pakistan)
Abhi Online platform providing payday loans Karachi 2021 USD 19.1M
(Pakistan)
JazzCash Mobile money service enabling online and Islamabad 2012 –
offline payments (Pakistan)
SadaPay Digital bank offering individual banking Islamabad 2018 USD 20M
solutions (Pakistan)
Finja Financial services provider for MSMEs, Lahore 2015 USD 25M
investors, and enterprises (Pakistan)
Source: Tracxn.(August 16, 2024). FinTech startups in Pakistan

48 ICMA’s Chartered Management Accountant, Jul-Aug 2025