GSMA Offers Pakistani Startups Grants of Up to £250,000 for AI Finance Solutions

The GSMA Innovation Fund for AI-Enabled Financial Health is now accepting applications from Pakistani startups working to improve financial well-being through artificial intelligence. This new fund, supported by the UK government’s Foreign, Commonwealth and Development Office, will award grants of up to £250,000 each to selected companies.

The funding is available to for-profit, private businesses in low- and middle-income countries, including Pakistan, Bangladesh, Sri Lanka, Nepal, and Indonesia. Applicants must already have users and revenue, and projects operating in Pakistan must be registered and active within the country. Matching funds of at least 25% of the requested grant are required.

The 15 to 18 month projects aim to develop AI solutions that address financial shocks, improve decision-making, and promote long-term savings and income generation. Examples include AI-driven fraud detection, personalized financial coaching in local languages, market and price information, job matching, and savings tools. Preference will be given to applications from women and girl-focused businesses, companies led by people with disabilities, and those that mobile operators could help scale.

Winners will receive not only the grant but also technical support, access to investors, and visibility through GSMA events and publications. The importance of this initiative lies in the fact that mobile money usage has grown rapidly in low- and middle-income countries, with account ownership rising from 42% in 2011 to nearly 80% in 2024.

However, only about one in four mobile money accounts is used regularly, indicating an opportunity for AI-driven financial solutions. This is not Pakistan's first encounter with a GSMA fund, as the organization provided Rs. 146 million to three Pakistani startups in 2021. The GSMA has also advocated for lower telecom taxes to support digital growth in the country.