Although the Pakistani government has managed to bring 21% of the adult population in the financial ambit in the past decade, fintech companies promise to significantly accelerate financial inclusion in the years to come.

According to Rehan Akhtar, director of digital financial services at Karandaaz, a company established in 2014 focusing on improving access to financial services, Pakistan has 93 million potential individuals who could be included in the financial system and fintech startups can help increase seven percentage point or US$36 billion in GDP by 2025.

Fintechs can create four million jobs, US$263 billion new deposits, US$23 billion new credits, and can also help reduce corruption in government matters by reducing US$7 billion in government leakages, Akhtar remarked.

With a total of 152 million cellular subscribers, covering 73% of the population, and 62 million broadband subscribers, Pakistan’s high mobile phone and Internet penetration rates make the country fertile ground for digital and mobile financial services. The following nine companies are some of the country’s most notable fintech startups and companies to keep a close eye on:

CreditFix

Launched in 2016 CreditFix is a digital lending platform that uses alternative data to to assess and provide loan to Pakistan’s underbanked.

CreditFix was part of the Bill and Melinda Gates Foundation backed accelerator DFS Lab

Easypaisa

Easypaisa is a mobile-based branchless banking service launched in 2009 by Telenor Pakistan in collaboration with Tameer Microfinance Bank.

Easypaisa’s services include over-the-counter (OTC) transactions, mobile banking, domestic and international remittances, bill payment, sending or receiving money, purchasing airtime, salary disbursements, giving donations, disbursing social cash transfers, insurance and savings, Inter-Bank Funds Transfer, online payments, handset lending and health insurance.

Finja

Incorporated in 2016, Finja provides payments solutions. The company offers digital banking projects in Pakistan and other emerging markets, and engages in digital transformation providing methods for rolling out payment types, systems, platforms, and building related ecosystems; business process management; and more.

Finja’s products include the Finja Wallet, a digital wallet, Finja Retail, a CRM solution, and Payrollplus, a cloud-based payroll solution.

Inov8

Incorporated in 2004, Inov8 is a leading provider for technology and consulting solutions. Inov8 serves players in the mobile and branchless banking ecosystem including financial institutions, mobile operators, agent networks, merchants, money transfer organizations, regulators and governments. The company’s products include i8 MicroBank, a carrier grade system designed to meet the needs of mobile and branchless banking, and AgentMate, a mobile banking app.

KarloCompare

KarloCompare.com.pk is a web application that helps Pakistani consumers compare, apply or buy personal finance products such as credit cards, personal/auto loans, and insurance products.

KarloCompare is operated under CompareOn Pakistan Private Limited, which was founded in 2015 by two ex-bankers of Pakistani origin.

Paysys Labs

Paysys Labs develops and provides technology platforms enabling banks, telcos and businesses to offer their customers a vast array of payment types across multiple channels.

The company’s product offerings include the Instascan – Mobile Biometric Solution, mobile banking solutions and a digital financial CRM solution.

PublishEX Solutions

PublishEX Solutions provides digital payment solutions. It is the first company to aggregate three of the four largest telcos covering 85% market share of the total cellphone market in Pakistan, Mobilink, Zong and Telenor, for direct carrier billing services.

The company’s technology is built in house allowing developers to seamlessly integrate its SDKs into application in order to provide one click payment solutions.

Tez Financial Services

Founded in 2016, Tez Financial Services provides financial products and services to the unbanked, under-banked and millennial customer segments in Pakistan that leverage technologies including artificial intelligence (AI). Tez Financial Services’ solutions include Tez Advance, an nano-credit product, Tez Bima, an insurance app, and Tez Sarmaya, a digital investment avenue.

Unikrew Solutions

Unikrew Solutions provides solutions aimed at improving financial inclusion. The company uses cutting-edge technologies including machine learning and data analytics to improve existing customer experiences and offer customer centric products.

Unikrew Solutions’ products include FastPay, a platform that provides access to earned but unpaid salaries, Maestro, a chatbot that helps users make financial decisions, and a cognitive authentication suite featuring CNIC verification, facial recognition, signature verification, liveness check and biometric verification.