In Pakistan, women have often faced problems when trying to use financial services. This is because of things like old ideas about men and women, not knowing much about money, and not being able to easily use banks.
These problems have kept many women stuck in poverty. According to the World Bank, in 2021, only 11 out of every 100 women above 18 years old have a bank account, while for men it's 20 out of 100. This big difference shows that there is a big need for better financial services for women. (Source: World Bank)
But here's where Oraan comes in, like a bright light in the dark. Oraan is working to break these problems and give women access to money that they otherwise wouldn't."Committees" or ROSCAs (Rotating Savings and Credit Association) that people have been doing for a long time. It's like friends getting together, putting their money together, and taking turns getting a bigger sum. Since this concept is already familiar to them, Oraan saw this idea and thought, "Why not use technology to make it even better?"
With Oraan's help, these committees have become a modern and high-tech risk of bad things happening, like people stealing their money. Oraan made an app that's easy to use on your phone.
Women can join committees, save money monthly, and get money back on their committed time without any trouble. And before they join, Oraan makes sure they're really who they say they are by verifying their details. This simple idea has changed things a lot. Now, many women can access opportunities they couldn't before in a secure and safe way.
Another thing is that many women in Pakistan don't know a lot about money. It's like a puzzle they haven't solved yet. A study in 2022 found that only 15 out of every 100 women understood money matters, but for men, it was 47 out of 100. (Source: Karandaaz Pakistan) Oraan is like a helpful friend in this situation too.
They share useful information on social media and even have a special group on Facebook just for women. They also organize events where women can meet and learn about money together.
Majida Malik who is Head of Growth at Oraan, says, "Our journey with Oraan digital committee has been nothing short of transformative. We've seen firsthand how financial empowerment isn't just about numbers on a screen; it's a profound social impact that ripples through families and communities. As the Growth Head at Oraan, it's heartening to know that every download of our app signifies another step towards breaking down barriers”
Oraan's new way of doing committees has helped more than 100,000+ women save money. They used technology and their own creative ideas to make sure women aren't left out anymore. Oraan is like a bridge to a better life for women in Pakistan. By using technology and believing in themselves, Oraan has given women the chance to be more confident and powerful. They're like a guiding star, showing women that they too can be a part of their country's growth story.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 30, 2023 (Saturday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||353.3||357|
|Hong Kong Dollar||HKD||37.93||38.28|
|New Zealand Dollar||NZD||174.58||176.58|
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 205,600 on Saturday.
The price of 10 grams of 24k gold was recorded at Rs 176,270. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 205,600||PKR 2,450|
|Karachi||PKR 205,600||PKR 2,450|
|Islamabad||PKR 205,600||PKR 2,450|
|Peshawar||PKR 205,600||PKR 2,450|
|Quetta||PKR 205,600||PKR 2,450|
|Sialkot||PKR 205,600||PKR 2,450|
|Attock||PKR 205,600||PKR 2,450|
|Gujranwala||PKR 205,600||PKR 2,450|
|Jehlum||PKR 205,600||PKR 2,450|
|Multan||PKR 205,600||PKR 2,450|
|Bahawalpur||PKR 205,600||PKR 2,450|
|Gujrat||PKR 205,600||PKR 2,450|
|Nawabshah||PKR 205,600||PKR 2,450|
|Chakwal||PKR 205,600||PKR 2,450|
|Hyderabad||PKR 205,600||PKR 2,450|
|Nowshehra||PKR 205,600||PKR 2,450|
|Sargodha||PKR 205,600||PKR 2,450|
|Faisalabad||PKR 205,600||PKR 2,450|
|Mirpur||PKR 205,600||PKR 2,450|