Fintech contribution towards economic prosperity in Pakistan

Abstract

Fintech has the potential to revolutionize the financial sector in developing countries like Pakistan by providing access to financial services to the unbanked population. This article aims to explore the role of fintech in improving the financial situation in Pakistan. The primary objective of this study is to examine how fintech can contribute to financial inclusion in Pakistan. The study aims to explore the various fintech initiatives that can help bring the unbanked population into the formal financial system, including mobile payments, digital banking, microfinance, and financial education. The study will employ a qualitative research approach using a literature review to explore the various fintech initiatives that can contribute to financial inclusion in Pakistan. The literature review will involve analyzing existing literature on the topic, lessons learned from other countries, and identifying gaps in the literature. The study found that fintech can play a significant role in improving the financial situation in Pakistan. Fintech initiatives such as mobile payments, digital banking, microfinance, and financial education can help bring the unbanked population into the formal financial system, especially in rural areas and for small business owners. These initiatives can contribute to the overall economic growth of the country by providing access to financial services to those who do not have it. However, it is essential to address the challenges of fintech adoption in Pakistan, such as regulatory barriers and digital literacy. Overall, the findings of this study provide insights into how fintech can contribute to the economic growth of Pakistan and other developing countries.