Karandaaz Partners with Finnect to Unlock Payments Beyond Connectivity

Islamabad, May 18, 2026: Karandaaz Pakistan has entered into a partnership with Finnect, one of the winners of the 1st Offline Payments Innovation Challenge, to support the deployment of offline payment solutions that can function in low or no-connectivity environments.
As Pakistan advances towards a more digitised economy, intermittent connectivity remains a key barrier to the wider adoption of digital payments. This challenge is particularly relevant for small businesses and users in rural, remote, and underserved areas, as well as locations within urban centres where internet access is often unreliable.
Through this collaboration, Finnect will focus on accelerating the deployment of offline payment solutions by leveraging the Raast ecosystem. The partnership aims to support secure, scalable, and locally relevant payment options for merchants and communities where connectivity constraints continue to limit digital financial access.
Finnect, a digital payments enabler with expertise in Raast QR soundbox deployments, currently facilitates transactions across more than 20 cities in Pakistan. The collaboration will support the expansion of merchant onboarding and digital payment acceptance in Tier 2 and Tier 3 markets.
Waqas ul Hasan, CEO Karandaaz Pakistan, said:
“Pakistan’s transition toward a cashless economy must be built around the realities of its people and markets. Through this partnership with Finnect, Karandaaz is supporting practical innovation that strengthens the Raast ecosystem and extends secure, reliable digital payment solutions to underserved markets, including smallholder farmers, small merchants, and rural communities central to Pakistan’s inclusive digital economy.
Speaking at the signing ceremony, Shahnawaz Mahmood, CEO Finnect, said:
“This partnership with Karandaaz is an important step in expanding reliable digital payment solutions across Pakistan. By combining our on-ground experience with Raast QR deployments, we aim to bring simple and practical payment systems to merchants and communities that continue to face connectivity challenges. Our focus is to help build a digital finance landscape that works for everyone, regardless of location.”
The initiative reflects Karandaaz’s continued focus on supporting innovations that address practical barriers to financial inclusion and enable digital payments to become more accessible across Pakistan.

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About Karandaaz
Karandaaz Pakistan advances shared prosperity by strengthening Pakistan’s financial and digital ecosystem through strategic investments, innovation, and partnerships. Focused on inclusive, green, and sustainable growth, it expands financial access, supports businesses, and drives digital transformation. Karandaaz was established in 2014 with seed grant funding from the UK Government’s Foreign, Commonwealth and Development Office. For its digital financial services work, Karandaaz Pakistan is availing grant funding from the Gates Foundation.
About Finnect
Finnect is a digital payments enabler focused on developing, promoting, and implementing digital products in Pakistan. The company works to promote QR payments in collaboration with banks and wallet providers, with the objective of making access to digital finance and services easier and more efficient. As an enabler of the digital economy, Finnect aims to support an efficient financial ecosystem through end-to-end connectivity in collaboration with domestic financial institutions and international partners.