As fintech becomes the norm, people are becoming more comfortable talking about their finances. More and more, consumers are enjoying the convenience and expanded options that fintech offers. These platforms are providing ever greater economic freedom and inclusiveness to those who often lacked access to financial resources in the past. According to Karandaaz Pakistan, more than 40 notable fintech companies are currently operating in the country and are revolutionizing the financial landscape by delivering innovative, cutting-edge technology solutions. These platforms are promoting financial inclusion by empowering all Pakistanis to adopt convenient and secure digital financial solutions. According to Pakistan Telecommunication Authority (PTA), over the years, branchless/mobile banking has shown tremendous growth based on the telco-banks-fintech nexus, contributing significantly to financial inclusion. The mobile banking network has expanded to over 534,460 agents and 74.6 million mobile wallet accounts.
The Emerging Trend of Savings and Investments in Fintech Sector
This mass adoption of fintech gives consumers more power than ever while solidifying fintech’s reach and ever-growing potential to serve their needs. The fintech revolution is transforming Pakistan’s fintech landscape at a rapid pace. In Pakistan, Telenor Microfinance Bank, which operates Easypaisa, is the first bank that has successfully rolled out a digital-first business model which allows its 11 million monthly active users to utilize a variety of its products and services available on Easypaisa without the need for its customers to visit a bank branch. Similarly, other leading fintech platforms in Pakistan like JazzCash, Alfa Mobile App, UPaisa and others have started to offer convenient savings and investment products to customers. These platforms are facilitating customers to diversify their investment options and earn reasonable profits on their savings. Easypaisa recently announced achieving half a million customers for its savings product. With Pakistan experiencing some of the highest monthly inflation rates over the last few months, fintech platforms are facilitating customers by offering products and services to help them fight inflation and protect their hard-earned savings against erosion. Easypaisa’s savings feature is perhaps the most revolutionary product with just a single click in the app, where customers can instantly subscribe to annual saving profit rates of up to 11% and that too without any restrictions or deductions in case of early withdrawal. JazzCash and Alfa Mobile App have also introduced savings product for customers through which customers can earn profit every day. Savings product is the most convenient and easy way by which customers can protect their funds parked in current accounts across banks. Fintech is one of the fastest-growing and most exciting industries, offering services that help both consumers and businesses manage their finances, access lending and make payments. As technology continues to change the way we live and impacts different areas of finance, it will be necessary to evaluate investments regularly and consider what competitive advantages each fintech has. Fintechs across the industry are striving to work hard with a passion to empower Pakistanis and lower the ratio of financial exclusivity. Be it helping the underserved withdraw cash, save money and make secure and profitable investments, fintech continues to set precedents of how mobile technology can be used to transform societies and empower people to take independent financial decisions. Check out? MMBL CFDO highlights the power of Fintech at the GITEX Global 2022
