Pakistan wants to improve its socioeconomic well-being and inclusion by building a knowledge-based economy. From harmonizing digital regulations to developing digital skill programs, the government is investing heavily to create an “Internet for All.” Trulioo is excited to help and is enabling identity verification for Pakistan in GlobalGateway to help develop growth opportunities in the country of 212 million people.
Pakistan has over 100 million people under the age of 25. Combine this with an internet adoption growth rate of 23% and new public and private sector initiatives, and the result is a foundation for extensive digitization.
Steve Munford, CEO of Trulioo, stated, “Pakistan is making great strides toward becoming a digital society; the government has recently announced that citizens overseas will soon be able to open their bank accounts and make investments directly in the country from abroad with the launch of digital banking facilities in the next month. This will be a game-changer, providing citizens access to digital capabilities, including funds transfer, eCommerce, bill payment and much more.”
Mobile sector in Pakistan
The mobile sector is especially important in Pakistan. According to the GSMA, “by 2023, the economic contribution of the mobile industry in Pakistan will reach $24 billion, accounting for 6.6% of GDP.” Mobile is a key enabler for the country, as it can give access to numerous services for a wide swath of people: “the jobs, taxes and productivity gains generated by the digital ecosystem will be pivotal to supporting the health of Pakistan’s economy and society moving forward.”
For Trulioo, the addition of Pakistan now means that GlobalGateway covers all ten of the world’s most populous countries. “The pandemic has dramatically accelerated the shift to digital all across the world and this means that online trust and security is now more important than ever,” said Munford. “Our mission is to ensure every person on the planet has a digital identity as a means to access basic financial services and support. Being able to verify identities in the 10 most populous countries in the world is a significant milestone on our journey.”
Improving growth opportunities and financial inclusion has always been at the core of the Trulioo mission. With the addition of Pakistan, Trulioo is taking a major step forward to provide identity coverage for everyone on the planet and is looking forward to help organizations successfully expand there.