Term Sheet


Through the Financial Inclusion of Women Challenge #FIWC, Karandaaz is inviting proposals for gender-smart, women-centric financial products and services that reflect the needs and preferences of female customers in the financial services marketplace.

The goal of the challenge is to provide financial service providers, FinTechs, research and advisory firms, and other relevant market players an opportunity to pilot and test, or scale interventions that account for the different female market segments, needs and preferences of women, and the bottlenecks to their inclusion.

Applicants will be invited to fill out an online application form detailing their proposed solutions. Following the call for applications, Karandaaz will conduct an Ideation/Design Thinking Workshop open to all applicants, with the purpose of developing and refining ideas around fostering financial inclusion of women in Pakistan. Once the applications are submitted, they will be shortlisted against a pre-determined criterion. Selected applicants will be invited to present their solutions in front of a panel of judges. Successful proposals will be eligible to receive grant funding.

The proposed solutions should lead to (anyone, few or all) of the following:

  • Increased uptake of financial services or products of previously un-banked and/or underserved women
  • Increased autonomy of women in using accounts
  • Increased security and privacy for women users
  • Improvements in economic well-being indicators (such as income, assets)
  • Improvement in the financial capabilities of women
  • Enabling environment for the growth of women-led SMEs

While preference will be given to applicants who can demonstrate that they have already started developing or testing a women-centric product or service, the challenge is open to applicants at the ideation stage. Applicants in the ideation stage must clearly be able to articulate the value proposition of their proposed product or service.


Applicants will:

  • Participate in a capacity-building workshop led by industry experts. The purpose of the workshop is to help develop and refine ideas around designing women-centric, gender smart financial solutions. The workshop will also include a design thinking component.
  • Selected applicants will receive milestone-based grants of up to PKR 15,000,000 each (or more in exceptional cases). The terms and conditions of the funding will be negotiated after the selection.


Financial Service Providers (DFSPs, FIs, MFIS, MFBs), FinTechs, Research, and Advisory Firms, and other relevant market players from anywhere in Pakistan are eligible to apply. The applicants should be registered in Pakistan. This program is not open to individuals.


The proposed solutions may be in any area that facilitates women’s financial inclusion, including but not limited to issues around credit, savings, payments, mobile wallets, blockchain, alternative credit, e-commerce, insurance, remittances, and pensions. Both, tech and non-tech solutions will be accepted.


  • Eligible applicants may apply online by filling the form available at Financial Inclusion of Women Application Form. The deadline to apply is 7th October 2019.
  • Karadaaz reserves the right to extend this deadline. There is no application fee for applying.
  1. Call for Applications: September 6, 2019
  2. Introduction Workshop: September 17 & 25, 2019 in Karachi and Islamabad respectively
  3. Application Deadline: October 7, 2019
  4. Selection Decision for Applicants Shortlisted for Pitch Presentation: October 30, 2019
  5. Pitch Day for Funding: TBD

Note: These dates are tentative and subject to change.


If selected, applicants must commit to:

  • Participating in pitch day for funding
  • Being open to negotiating funding with Karandaaz
  • Participating in events, documentation and monitoring and evaluation activities as required by Karandaaz. In particular, this may include but not be limited to:
  1. Measuring direct users and beneficiaries, as well as indirect beneficiaries of project
  2. Participating in lesson learning and experience sharing activities for internal and public audiences
  3. Providing a demonstration of the product or service, with prior notice from Karandaaz


The Digital Financial Services (DFS) and Innovation Challenge Fund (ICF) departments of Karandaaz Pakistan will be coordinating with the partners and the winners. Karandaaz’s Chief Digital Officer and Head, ICF will play the managerial role and make decisions on behalf of Karandaaz. They may rely on third-party services for workshop delivery and monitoring the performance of the selected applicants.


In case an applicant has a complaint, they may approach Karandaaz via email at fiwc@karandaaz.com.pk

For additional information regarding the application process, or for questions related to the challenge please e-mail or visit our website: http:/fiwc.karandaaz.com.pk/


  1. Submission of an application does not guarantee selection for funding.
  2. Any expense incurred by the applicants for the submission of the application will be borne by the applicants.
  3. The applicant will be selected for the program at the sole discretion of Karandaaz and its partners. By submitting an application, the applicant agrees that they will not have the right to appeal or challenge decisions made by Karandaaz or its appointed judges.
  4. Invitation to pitch for funding will be made at the sole discretion of Karandaaz.
  5. Karandaaz may carry out due diligence of the applicants before making any decision regarding funding. If the selected applicant is found to be in violation of any of the terms and conditions specified during submission of application, or at the time of pitch presentations, the grant will not be given or may be discontinued.

Applications Closed