Karandaaz, a not-for-profit special-purpose entity, has signed a memorandum of understanding (MoU) with the Ministry of Poverty Alleviation and Social Safety (MOPASS) to advance financial inclusion in Pakistan.

Under the agreement, Karandaaz has committed a grant to MOPASS to help maximize its efficiency and ultimately improve the beneficiaries’ experience. It will enable secure and efficient transactions to help beneficiaries receive complete funds without fraud and will also increase financial inclusion by providing access to digital payment mechanisms.

The MoU signing ceremony was chaired by Secretary of MOPASS Dr Muhammad Fakhre Alam Irfan, Chief Executive Officer of Karandaaz Waqas ul Hasan, and Senior Programme Officer at the Bill & Melinda Gates Foundation Syed Ali Mahmood.

Karandaz Pakistan was set up under Section 42 in August 2014. It is the implementation partner of the Enterprise and Asset Growth Programme (EAGR) and Sustainable Energy and Economic Development (SEED) Programme of the UK's Foreign, Commonwealth & Development Office (FCDO). SEED is a grant funded by FCDO whereas EAGR is co-funded by FCDO and the Bill & Melinda Gates Foundation on a grant basis.

Credit : Independent News Pakistan-WealthPk