Karandaaz organizes Digital Credit Workshop
Karandaaz Pakistanin conjunction with the Consultative Group to Assist the Poor (CGAP), a member of the World Bank group, held a oneday workshop titled Digital Analytics and Credit: Resources to Plan a Deployment at the Marriott Hotel in Karachi. Facilitated by Jamal Rahal, an internationally renowned expert in digital finance analytics and credit scoring, and Gregory Chen, Senior Financial Sector Specialist, CGAP, the aim of the day-long workshop was to provide participants with a detailed introduction to digital credit essentials, opportunities and requirements.
The workshop was attended by a number of key industry players from the digital financial services sector, including telecom companies, banks, microfinance banks and FinTechs. Moderated discussions throughout the day enabled participants to develop a deep understanding of the design and delivery of digital credit services, and learn about useful tools that aid the development of digital credit products.
The workshop also included a session shedding light on a range of digital credit deployments around the world. Key components of the workshop included credit scoring, IT infrastructure requirements, financial projections and partnership models. Participants were also led through the steps in designing a digital credit pilot. In her opening remarks, Joanna Reid, Head of Office, Department for International Development (DFID) Pakistan stated, "Digital credit is a highly specialized subject and it is a moment of pride to see Karandaaz team working at the forefront of digital financial innovation in Pakistan.
We at DFID see financial inclusion as a cornerstone for development - not just for generating growth, but for creating better lives for the poorest and marginalized in society - opening the door for cash transfers, savings and insurance and thus funds to spend on education, health, and a better living environment." In his keynote address, Dr. Ishrat Hussain, Chairman of the Board of Directors at Karandaaz Pakistan, said "Pakistan needs innovation in digital financial space to further the goal of 50% financial inclusion by 2020 as set by State Bank of Pakistan.