Deputy Governor SBP, Saeed Ahmad, who is also the FICF
Advisory Committee Chairman, hosted and witnessed the signing ceremony.
Following a thorough desk review and detailed consultation with applicants by the FICF
Secretariat, the applicant institution will develop a finalized business plan that will be presented to the FICF
Advisory Committee for approval.
The purpose of FICF
is to provide grants to foster innovation and test new markets, lower cost of delivery, enable systems and procedures to be more efficient and provide new ways of meeting the unmet demand for financial services.
It may be pointed out that the deadline for submitting an Expression of Interest (EoI) to benefit from FICF
is May 30, 2011.
An independent FICF
Advisory Committee drawing representation from DFID HEC private sector and the SBP will review and approve the challenge round winners.
1st and 2nd Challenge Round were successfully held on promoting Financial Inclusive Government to Person (G2P) payments and promoting Innovative Rural and Agricultural Finance in Pakistan.
Kardar today launched GBP 10 million Financial Innovation Challenge Fund (FICF
) and unveiled the first round of FICF
on Government to Person Payments (G2P).
aims to support pilot projects with focus on innovation in rural and agricultural finance in Pakistan.
round 2 was earlier launched by the Honorable Finance Minister Mr.
round 2 was earlier launched by Federal Finance Minister, Senator Muhammad Ishaq Dar on March 06, 2014.
Advisory Committee, which is chaired by Deputy Governor Mr.
The second FICF
Round addresses rural financial services including agricultural finance and broad based financial services projects using telecommunication infrastructure to promote micro payment for people who are not part of financial services.