In a groundbreaking move set to transform Pakistan’s financial landscape, Askari Bank has partnered with Karandaaz Pakistan to introduce the country’s first all-inclusive cashless ecosystem. This innovative project aims to accelerate the digitalization of financial transactions while promoting financial inclusion for individuals and businesses across the nation. By focusing on cashless transactions, the initiative seeks to create seamless, technology-driven communities, offering a more efficient and accessible way of managing finances.
The collaboration between Askari Bank, a leading financial institution, and Karandaaz Pakistan, a key advocate for financial inclusion and economic growth, marks a significant milestone in the nation’s shift towards a cashless society. The initiative is also supported by funding from Karandaaz, which is committed to empowering underserved populations with access to modern financial services.
The project’s core objective is to drive the transition from traditional cash-based transactions to digital alternatives, enabling communities to engage in everyday financial activities without relying on physical currency. By providing an alternative digital payment ecosystem, the collaboration aims to improve financial accessibility for people who have traditionally been excluded from formal banking systems, especially in rural and underserved areas.
At the heart of this initiative is a partnership with Digital Miles, a fintech innovation lab that specializes in creating digital solutions to drive the financial inclusion agenda. Together with Askari Bank and Karandaaz, Digital Miles has developed a platform that allows for efficient, secure, and easily accessible cashless transactions for users.
During the official signing ceremony, senior executives from all three organizations underscored the potential of the initiative to revolutionize the way financial transactions are conducted in Pakistan. Saleem Anwar, Acting President and CEO of Askari Bank, highlighted the project’s strategic importance in advancing Pakistan’s digital financial ecosystem. He explained that this initiative is part of the bank’s broader vision to foster smart, digitally connected, and financially inclusive communities, ultimately improving people’s lives through technology.
Echoing these sentiments, Waqas Ul Hasan, CEO of Karandaaz Pakistan, praised the effort for its role in creating a sustainable and inclusive financial system. He noted that the cashless ecosystem would directly benefit housing societies by enabling businesses, organizations, and citizens to transition to a smoother, more efficient digital environment. This initiative is expected to serve as a model for future projects aimed at empowering communities with digital financial services.
The launch of Pakistan’s first cashless ecosystem by Askari Bank and Karandaaz Pakistan not only positions the country at the forefront of digital financial innovation but also aligns with broader global trends in financial technology and inclusion. By promoting the use of digital wallets, e-payments, and other forms of cashless transactions, the project lays the foundation for a digitally inclusive economy that can potentially bridge the gap between urban and rural populations.
The cashless ecosystem is expected to be a catalyst for positive change, creating a more inclusive financial system that can drive sustainable economic growth. As the initiative expands across Pakistan, it will provide a roadmap for future efforts to modernize financial operations within communities and foster greater financial literacy. This partnership is a bold step forward in Pakistan’s journey towards financial inclusion and the realization of a truly digital economy.
By establishing a new standard for community engagement and digital finance, Askari Bank and Karandaaz Pakistan are leading the way toward a more inclusive, efficient, and digitally connected Pakistan, creating lasting impact in the nation’s financial sector.