Tez Financial Services, a Pakistani fin-tech startup has won the FinTech challenge at the first edition of Visa Everywhere Initiative for women,
receiving $100,000 as prize money, Tez, founded in 2016 by Naureen Hayat & Hamza Hussain.
This a fully digital Non-Bank Microfinance Company (NBMFC), licensed by Securities & Exchange Commission of Pakistan,
Providing financial access in form of nano-credit (instant advance), savings, insurance, and investments, to the unbanked and underbanked population through a smartphone application.
Tez has four main offerings: Tez Advance that caters to short-term liquidity needs of users through Tez Advance by providing one to four week-instant loans between PKR 1,000 to 5,000 without any guarantees through its app in fifteen minutes.
Tez Committee that enables users to park their funds in short-term savings avenues through community-led savings (Digital ROSCAs);
Tez Bima for health and term-life insurance; and Tez Sarmaya for investment plans.
Tez was one of the six finalists of the FinTech challenge of Visa Everywhere Initiative (VEI) Women’s Global Edition,
Who was flown to Paris last week to take part in the final competition, The other finalists included startups from Europe, Latin America, and the Asia Pacific?
The program also featured a Social Impact challenge with a different set of finalists.
The FinTech challenge selected and invited startups that could transform consumer and/or commercial payment experiences locally, regionally or globally.
It must be noted that Tez Financial Services is a Planet N Group company founded by Nadeem Hussain who is also its Chief Executive Officer,
Along with Naureen Hayat and Humza Hussain, with a vision ‘to provide a range of financial products straight into the hands of Pakistan’s through their mobile phones that enrich their lives’.
Meanwhile, Naureen Hayat, a social entrepreneur has been playing her role to bring change in the fin-tech sector of Pakistan for quite a while now,
She is not only an alumni of Harvard Business School Executive Education program but also co-founded CheckIn Solutions.
A company that offers digital services to Microfinance providers, Pakistani women are enterprising, creative and resilient.
The government must create opportunities for them to come forward whether as entrepreneurs, innovators or in leadership roles.