PayPro, one of Pakistan’s leading fintech companies was awarded PKR 7.473 million Innovation Grant by the USAID Small and Medium Enterprise Activity to provide digital assistance to MSMEs (Micro, Small, and Medium-sized Enterprises) who are looking to receive financial assistance through a digital platform.
PayPro was launched in September 2019 to help MSMEs manage their business operations in different sectors such as agriculture, education, healthcare, and NGOs. The company provides smart invoicing, subscription management services, and financial assistance through banks and digital wallets.
With the help of the grant, PayPro will be able to strengthen the development of its marketplace platform alongside providing MSMEs digital commerce solutions such as mobile wallets and merchant portals.
At present, PayPro has processed around 70,000 transactions valued at more than 1 billion in throughput, access to more than 25 financial institutions, and more than 430 registered merchants accepting payments through its services.
Pakistan’s digital financial market potential is almost $36 billion. The rapid growth in the use of digital payments can improve the GDP by 7%, create four million jobs, and bringing more than $250 billion worth of deposits into circulation, according to McKinsey Consulting.
“Digital finance has become the cornerstone for progressive economies as a strong reminder that in order to be sustainable, transactions have to be conducted through digital channels, especially with the Covid-19. Pandemic in the equation. As customers in Pakistan begin to accept the new normal, PayPro is making sure to provide them with the tools necessary to perform a diverse range of financial transactions based on their day-to-day routine lives. The USAID Small and Medium Enterprise Activity (SMEA) Innovation Grant is a testament to the efforts and the potential that the organization has displayed since its inception. It bolsters our confidence to continue on our mission of transforming the digital financial infrastructure within the country,” said Mr Ali Janjua, the Chief Executive Officer of PayPro Pvt.