By Taimoor Hassan
P
akistan has become the land of financial technology startups. For the longest time, we here at Profit have been explaining ad nauseum how Pakistan is ripe for the fintech revolution. How we have a largely unbanked population, a growing number of software side workers, entrepreneurs with bright ideas, and most importantly consistently growing internet coverage with cheap 3G and 4G available in
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different corners. With all of these factors, it was only a matter of time before the people of a country tired of bureaucratic red-taping and slow inefficient paperwork would shun the same and turn towards the accessibility, utility and convenience that comes with money going online. And it has happened. Fintech startups in Pakistan are popping up everywhere. There are microfinance banks, agro finance applications, and multiple super apps. All of them have gotten competition and there is a vibrant and very competitive field of
capable people running the show. It seems to be working. Pakistan has become a go to area for investors and eyeballs are on how this revolution pans out. You could still say that these investors might be betting on the wrong horse, but at least they are not just willing to but actively wanting to bet on us. But there is only so far that the fintechs can get us. There has been a growing demand of the fintech companies that if digital payments are to be pushed, there’s only so much that fintech companies and banks can do. This revolution actively needs the
