Pakistani Fintech Startup Tez Wins $100,000 Grand Prize at Visa Everywhere Initiative

Date: 
26 Jun 2019
Source: 
MENAbytes

Tez Financial Services, a Pakistani fintech startup has won the FinTech challenge at first edition of Visa Everywhere Initiative for women, receiving $100,000 as prize money. Tez, founded in 2016 by Naureen Hyat & Hamza Hussain, is a fully digital Non-Bank Microfinance Company (NBMFC), licensed by Securities & Exchanage Commission of Pakistan, providing financial access in form of nano-credit (instant advance), savings, insurance, and investments, to 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.

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Type: 
General
Topic: 
Technology
Region: 
South Asia
Country: 
Pakistan