About this Round

Financial Inclusion of Women Challenge Round 2022 (FIWC) is aimed at enabling access to financial services for women through the use of innovative solutions that are customized to their needs and unique preferences while keeping in view the structural constraints that women face in the society.


Must view term sheet before you apply – Last Date to Apply : Sunday 13th Mar, 2022

Target Segments

  • Low income economically active females working in textile, agriculture, health, education and other sectors
  • Less literate women in rural and urban areas
  • Financially excluded women in rural and urban households

Who Can Apply

If you are focused on increasing the use of financial products and services among women through any of the following means.

Women centric financial product or service design

Your primary target segment is female. Product design is influenced by their unique needs and preferences.

Gender-based segmented approach to sales funnel growth

You want to massively increase the use of your financial product or service among female customers.

Platforms enabling women’s financial inclusion

You are enabling the factors that in turn enable women to use or access financial products or services.

Read the term sheet for more clarity on who can apply

Key Dates


Applications Open


Applications Close


Shortlisting Complete


Pitch Event


Agreements Signing

Must view term sheet before you apply.


Karandaaz seeks to help applicants develop, refine and scale ways to reduce the gender gap in financial inclusion. Applicants’ proposed solutions are expected to lead to 

  • Increased uptake of financial services or products of previously un-banked and/or undeserved women
  • Increased autonomy of women using accounts
  • Improvement in financial capabilities of women
  • Enabling environment for the growth of women-led SMEs and economically active women
  • Helping women overcome the hurdles faced by the prevalent systematic discrimination in the financial marketplace
  • Promoting a safer and more inclusive environment in women’s finance

Fintech or financial services providers such as banks, NBFIs, MFIs/MBFs, other players such as aggregators or marketplaces that enable women to generate income and open a bank account. The solutions can be B2C (business-to-consumer), B2B (business-to-business) or B2B2C (business-to-business to consumer)  in credit, insurance, payments & remittances, savings & personal financial management, or enabling environment addressing challenges of women financial inclusion.

You must have a blend of digital and non-digital solution in order to qualify for the grant.

You need to submit the complete application at https://gust.com/programs/financial-inclusion-of-women-challenge-round-2022 before the deadline i.e. March 13th 2022.

The shortlisting criteria are based on Innovativeness, Inclusivity, Scale Potential, and Impact & Team Capability of the founding/executive team. You may read more about it in the term sheet.

Up to three winners will be selected in this round.

Upto PKR 15 Million grant would be given to the selected winners subjected to idea stage, product roadmap, and growth milestones.

Being in an idea phase is fine as long as you have a well-researched business model along with a strong team where co-founders complement each other’s strengths. They are both pre-requisites in order to qualify.

No, individual or single founder-owner start-ups are not eligible for the challenge round, either you need to have a team in place or a co-founder who shares your vision.

Karandaaz Pakistan expects all winners to be working full-time on their solutions. So the commitment is to the startup/business, not Karandaaz Pakistan. You will, however, need to commit to the meeting or exceed all mutually agreed upon growth milestones to qualify for fund tranches. Milestones will be developed assuming you are 100% committed to your venture.

For any questions, write us at fiwc@karandaaaz.com.pk

Applications Open