Business

  Introduction: Pakistan finds itself at a critical juncture in its quest for digital financial inclusion. Recognizing the significance of this moment, the State Bank of Pakistan and Karandaaz Pakistan, in collaboration with the Bill and Melinda Gates Foundation, have developed RAAST, a state-of-the-art payment system. This four-year endeavor marks a major milestone in enhancing the country's financial markets outreach and unleashing the full potential of the payments system. With its world-class capabilities, such as interoperability, open API-based connectivity, real-time settlements, directory function, and high throughput, RAAST ensures low transaction costs, enabling swift settlement of low-value transactions. Advantages and Potential: Pakistan is well-positioned to take a significant leap forward with RAAST due to several factors. The country boasts high cell phone penetration (80%) and broadband usage (41%) alongside a supportive regulatory framework. The 2022 Karandaa...