As Pakistan's entrepreneurs rewrite the rules of business, fintech disrupts traditional banking, and the diaspora fuels growth, a new economic revolution is unfolding—one driven not by state policies alone, but by the relentless ingenuity of its people.

In many discussions about national progress, the focus often falls on what a country provides its citizens. However, a crucial and often overlooked perspective is what the citizens contribute to the nation's growth. Pakistan's economic development is a result of the collective contributions of its people, mainly through the rise of entrepreneurship and industry. The innovative spirit of Pakistanis is propelling the country forward, from the emergence of dynamic startups in sectors like fintech and e-commerce to the growing influence of women entrepreneurs and the significant contributions of the Pakistani diaspora. 
As the poet Khalil Gibran wrote in his 1925 article "The New Frontier" (published in The Khalil Gibran Reader), “Are you a politician asking what your country can do for you, or a passionate one asking what you can do for your country?” This sentiment was famously echoed later by John F. Kennedy in his inaugural speech. This quote beautifully captures how a nation's citizens contribute to its progress. Economic growth is not solely driven by the resources or opportunities provided by the country but rather by individuals' personal dedication, hard work, and innovative thinking across various sectors.
One of the most significant drivers of Pakistan's economic future is the rise of its entrepreneurial ecosystem. In recent years, the country has seen an explosion of innovative startups, particularly in fintech, e-commerce, and technology. These startups create jobs, foster innovation, and provide solutions that shape the national economy.
Fintech companies, for example, have been at the forefront of transforming Pakistan’s financial landscape. In just a few years, startups like Finja and EasyPaisa have emerged as key players in digitizing financial services and promoting financial inclusion. Pakistan’s population, much of which is still underbanked, is increasingly adopting mobile financial services. Fintech and digital banks, for instance, offer mobile wallets and digital payment solutions that enable individuals and businesses to conduct financial transactions securely and conveniently. This shift to digital banking is not only making financial services more accessible but is also contributing to a broader push for financial inclusion, especially in rural and underserved areas. The increasing popularity of fintech startups in Pakistan is helping to bridge the gap left by traditional banking institutions and is contributing to a more inclusive financial ecosystem.
Traditional banking in Pakistan has faced significant stagnation due to several key challenges. The conventional banking system has long been characterized by limited reach, especially in rural and remote areas. Pakistan has a large unbanked population, and many individuals do not have easy access to brick-and-mortar bank branches. This has been compounded by high operational costs, outdated infrastructure, and a lack of financial literacy in a country where a large portion of the population is still outside the formal banking system. As a result, the banking sector has struggled to expand its customer base and increase financial inclusion. Furthermore, traditional banking institutions in Pakistan have been slow to adopt new technologies and offer digital banking solutions. While some banks began offering online banking services, the adoption rate remained low due to trust issues, inadequate customer support, and a lack of seamless integration with mobile platforms. This created a gap between what consumers needed and what was available to them regarding banking services.
In contrast, the rise of digital banking and fintech has sparked a revolution in Pakistan's financial landscape, effectively addressing many of these barriers. Digital banking and fintech platforms have brought banking to the fingertips of millions of users, making it more accessible, efficient, and user-friendly. These new-age financial services leverage the internet and mobile technology to provide previously limited services to physical bank branches.
Fintech and digital startups such as Easypaisa, Zindagi, JazzCash, Finja, and Uptick have significantly disrupted the market by offering mobile wallets, digital payments, micro-lending, and remittance services. These fintech platforms have gained massive traction, especially among younger populations and those in underserved areas. By allowing users to make payments, transfer money, access micro-loans, and even save and invest through their smartphones, digital banking has dramatically improved financial inclusion. In 2023 alone, the number of digital wallet users in Pakistan surpassed 30 million, reflecting a profound shift in how people interact with financial services.
One key advantage of digital banking and fintech solutions is their ability to bypass the traditional banking infrastructure, thus reducing costs and making financial services more affordable and accessible. Mobile-based platforms have allowed people to conduct banking transactions in real time, avoiding long queues, limited bank hours, and geographical barriers. This shift is expanding access to banking and facilitating greater financial literacy and inclusion across the country.
The introduction of mobile money platforms has particularly impacted connecting people previously excluded from formal banking systems. These platforms have allowed users in remote villages to send and receive money, pay bills, and make transactions without visiting a bank. In addition, fintech companies have also introduced peer-to-peer lending and micro-insurance products, which help address the financial needs of low-income groups and small businesses.
Moreover, the regulatory framework in Pakistan has started to evolve, with the State Bank of Pakistan (SBP) and other financial authorities recognizing the importance of digital banking. The SBP’s introduction of regulations such as the Branchless Banking Regulations and Digital Payment Systems Act has paved the way for a more favorable environment for fintech companies. This has encouraged the establishment of new players and the scaling up of existing platforms, further driving digital adoption and economic growth.
The SBP's Vision 2028 aims to increase bank account coverage to 75 percent of the adult population, up from around 50 percent today, and extend banking services to underserved segments, such as low-income individuals, SMEs, and farmers. Introducing digital financial services (DFS) and licensing digital banks are key to this strategy, which aims to offer cost-effective, digital-first banking solutions. The SBP envisions leveraging technological innovations such as Open Banking and Central Bank Digital Currency (CBDC) to reshape the financial landscape. Financial literacy and consumer protection will also be prioritized to ensure a secure and inclusive digital ecosystem. These efforts are designed to significantly boost financial inclusion and provide more accessible financial services to millions of Pakistanis.
The private sector in Pakistan has played a crucial role in the rise of digital financial services, helping to bridge the gap left by traditional banking systems, especially in reaching underserved populations. The demand for accessible and convenient financial services has led to significant innovations, with private sector companies leading the charge. Companies like Easypaisa and JazzCash have been forefront of mobile financial services. Easypaisa, launched by Telenor in 2009, was one of the pioneers in mobile wallets and payments, allowing millions of Pakistanis to send and receive money, pay bills, and make purchases without a bank account. JazzCash, another major player, has expanded its services to include mobile wallets, bill payments, and mobile banking, contributing significantly to financial inclusion.
Other fintech companies like Finja, Zindagi, and Uptick have also been key contributors to the sector. Finja and Zindagi provide digital payment solutions and micro-lending services, while Uptick focuses on offering financial products for SMEs, such as lending and payment solutions. These companies have helped create more accessible financial services, especially for small businesses and individuals in remote areas who traditionally had limited access to banking services.
Traditional private banks such as Bank Alfalah, HBL, and Faysal Bank have also embraced digital transformation, offering mobile apps, internet banking, and digital payment solutions that make banking services more convenient for customers. These efforts have been complemented by fintech startups like Finbox and Tez, which provide digital-first lending solutions and simplified financial transactions, further enhancing access to financial services.
Organizations like Karandaaz Pakistan, a non-profit organization supported by UKAID and the Bill and Melinda Gates Foundation, focus on promoting digital financial inclusion and have partnered with private firms to increase the adoption of digital financial services. Together, these private sector efforts are reshaping the financial landscape in Pakistan, providing millions with greater access to financial tools and services, driving economic growth, and empowering individuals and businesses.
The rise of digital banking and fintech has been a game-changer for Pakistan, breaking down the barriers posed by traditional banking systems. It has brought millions of unbanked individuals into the financial fold, opening up new opportunities for personal finance management, entrepreneurship, and economic empowerment. As the digital ecosystem continues to grow and innovate, the future of banking in Pakistan looks increasingly digital and inclusive.
Alongside these advancements in the tech-driven sectors, the increasing participation of women in business has been another transformative factor for Pakistan's economy. Historically, women's roles in the economic development of Pakistan have been underrepresented, but today, more and more women are stepping into leadership positions and launching successful businesses. Women's entrepreneurship is not just a matter of individual empowerment but a driver of economic progress. According to a 2023 report by the World Bank, women in Pakistan are starting businesses at an increasing rate, particularly in fields like technology, healthcare, and manufacturing. Organizations such as the Women’s Business Incubator and TiE Pakistan provide much-needed mentorship and support to female entrepreneurs, helping them navigate the challenges of the business world. These efforts are paying off as we see the emergence of successful women-led businesses that are contributing to the country's economic fabric. 
Pakistan's entrepreneurial landscape also benefits from the contributions of its diaspora. Overseas Pakistanis play a crucial role in the nation's economy, not only through remittances but also by transferring knowledge and expertise back to Pakistan. Remittances from the diaspora have long been a significant source of income for the country, helping to fuel domestic consumption and stabilizing Pakistan’s foreign exchange reserves. 
Based on the latest data, Pakistan's remittance inflows have shown significant growth in 2025 compared to 2024. Here's a detailed comparison:
Monthly Comparison
Country-wise Comparison (February)
Cumulative Comparison (July-February)
For the first eight months of fiscal year 2025 (July-February FY25), total remittances reached USD 24.0 billion, showing a 32.5 percent increase compared to the same period in the previous fiscal year when remittances were USD 18.1 billion. 
The upward trend is particularly notable in remittances from the UAE, which jumped by nearly 69.5 percent year-on-year in February 2025. The UK also showed strong growth, with a 45 percent increase compared to February 2024.
This consistent growth and contributions by overseas Pakistanis in remittances throughout 2025 have significantly supported Pakistan's external account and household incomes across the nation while showing confidence in the country's leadership.
Traditional industries also play an essential role in Pakistan's economic development. The textile industry, which remains one of the largest exporters in the country, is still a significant contributor to Pakistan's gross domestic product (GDP). Despite facing challenges like global competition and shifting market dynamics, Pakistan's textile industry generates billions in revenue, creating jobs for millions and contributing to the country's export earnings. Likewise, the sports goods industry, centered in Sialkot, remains one of the country's most important export sectors, with products reaching international markets. The infroamtion technology (IT) industry, led by companies like Systems Limited, Techaccess, Abacus Consulting, and TechAbout, is increasingly recognized as a driver of innovation, contributing to Pakistan’s position as a growing hub for technology outsourcing.
While facing increasing pressure from globalization, these traditional sectors continue to represent Pakistan's economic resilience. As the country diversifies its economy, combining traditional industries and emerging sectors like technology, fintech, and e-commerce contributes to a more robust and forward-looking economy.
The Emerging Creative Economy of Pakistan
The creative economy in Pakistan has also become a significant driver of progress and development, contributing to various sectors such as culture, media, entertainment, design, technology, and innovation. With its rich cultural heritage and a youthful, dynamic population, Pakistan's creative industries have sparked economic growth, employment, and social impact while enhancing its global presence. The creative economy has facilitated innovation and entrepreneurship, positioning Pakistan as an emerging cultural hub worldwide.
Cultural and Media Industries
The growth of the media sector, including television, film, and digital content, has significantly contributed to Pakistan's creative economy. The media industry has generated substantial revenue through advertising, content production, and distribution with prominent channels like Geo TV, HUM, ARY, and Samaa TV. These platforms have nurtured local talent in acting, journalism, production, and management while driving job creation across multiple sectors. Social media platforms like YouTube, TikTok, and Instagram have provided content creators a global stage, further strengthening Pakistan's creative economy. The uniqueness of Pakistan's creative economy lies in its ability to nurture creativity, providing a platform for it to thrive while simultaneously fostering an environment where this creativity can be consumed and appreciated both locally and internationally.
The fashion and design industries have become central to Pakistan’s creative economy, generating substantial revenue and creating jobs across various sectors. Renowned designers like Khaadi, Sana Safinaz, HSY, SAK Atlier, and Shamaeel Ansari have put Pakistan's fashion industry on the global map. Fashion Pakistan Week and Karachi Fashion Week have provided platforms for designers to showcase their work, attract international investment, and promote local craftsmanship. The fashion industry's growth has profoundly impacted textiles, retail, and manufacturing, further embedding these sectors into the broader creative economy. Pakistani fashion and brands have become some of the most sought-after names in the region, particularly in markets like India and the UAE. 
Traditional crafts like ajrak, pashmina shawls, and blue pottery have been vital to supporting rural economies in Pakistan. Local artisans have connected with international markets by promoting their unique handcrafted goods, contributing to exports, and preserving cultural heritage. The government and various NGOs have helped expand these markets, allowing artisans to reach a broader audience. This sector continues to be an essential driver of economic activity, especially in rural regions where artisanal products represent cultural identity and economic opportunity.
The emerging creative economy in Pakistan is reshaping the nation’s development, fostering cultural exchange, social cohesion, and economic growth. From media and entertainment to fashion, technology, and tourism, the creative industries have created new opportunities for entrepreneurship, job creation, and global recognition. By continuing to invest in and nurture this sector, Pakistan's creative resource has the potential to position the country as a leading player in the global creative economy. With its rich cultural heritage, entrepreneurial spirit, and dynamic workforce, Pakistan stands poised to capitalize on the growing global demand for creative products and services, making the creative economy a cornerstone of its future prosperity.
The collective contributions of Pakistan’s citizens—whether through the rise of innovative startups, the growing presence of women entrepreneurs, the players in the creative economy, or the continued success of traditional industries—are helping to create a stronger, more diverse economy. These efforts fuel the country's economic growth and contribute to a more inclusive and sustainable economic future.
Pakistan's entrepreneurial ecosystem, driven by its youth's hard work and creativity, is opening new doors for innovation and opportunity. Pakistan's dynamic, youthful spirit is reshaping its identity, pushing it toward a more self-sustaining, resilient economy. Today's young entrepreneurs are not just inheriting the future—they are actively creating it, using their creativity and entrepreneurial drive to carve new paths. As Khalil Gibran aptly put it, the actual value lies not just in what is given but in the spirit with which it is given. This spirit of determination, resilience, and forward-thinking empowers Pakistan's youth to transform the country, ensuring its continued progress and global recognition.      

The writer is a global expert in competitiveness, risk assessment, and development. He leads Mishal Pakistan, the country's partner institute of the World Economic Forum, and serves as a senior expert with UNESCO's Inclusive Policy Lab. His expertise spans narratology, strategic communications, and AI policy, supported by academic credentials from Harvard Law School, MIT, Tufts University, Stanford, the LKY School of Public Policy, National Defense University Islamabad, and the Harvard Kennedy School.
E-mail: [email protected] 
X: @amirjahangir

1. BR Web Desk. 2025. “Pakistan’s Remittance Inflow at USD 3.1bn in February 2025, up 3.8 percent Month-On-Month.” Brecorder. March 10, 2025. https://www.brecorder.com/news/40352194.
2. BR Web Desk. 2025a. “Pakistan’s Remittance Inflow at USD 3bn in January 2025, down 3.2 percent Month-On-Month.” Brecorder. February 10, 2025. https://www.brecorder.com/news/40347221.
3. Ibid.
4. Ibid.
5. Ibid.
6. Siddiqui, Salman. 2024. “Remittances up ahead of Ramazan.” The Express Tribune. March 9, 2024. https://tribune.com.pk/story/2458826/remittances-up-ahead-of-ramazan.
7.Monitoring Desk. 2025. “ Overseas Pakistanis send $ 3.1 Billion in remittances in February 2025.”  Profit by Pakistan Today . March 10, 2025 https://profit.pakistantoday.com.pk/2025/03/10/overseas-pakistanis-send-3-1-billion-in-remittances-in-february-2025/