Cashyn Honoured at the P@SHA ICT Awards 2026 for Bringing Financial Inclusion to Rural and Remote Pakistan
Quwat Services Private Limited (QSPL) marked a major milestone this week as Cashyn by QSPL received the Merit Award at the P@SHA ICT Awards 2026 in the Inclusion & Community category, under Community Services & Regional, Rural and Remote Services.
Organised by P@SHA, the Pakistan IT Industry Association, the P@SHA ICT Awards are one of the most prestigious platforms in the country’s technology industry. They recognise Pakistan’s leading technology initiatives for innovation, impact and scale. For a platform launched only in 2025, the recognition places Cashyn among the most impactful technologies in the country.
For QSPL, the award carries a much deeper meaning. Cashyn began as a vision to take financial services beyond conventional boundaries. It was built with a clear purpose: to bring financial services closer to people, empower merchants, bridge the divide between cash and digital, and make financial inclusion accessible at the community level.
The need is enormous. According to the World Bank’s Global Findex 2025, 1.3 billion adults worldwide still have no financial account, and more than half of them live in just eight economies, Pakistan among them. Here, the unbanked are concentrated in rural and remote areas, where cash is the only option. Paying a bill or sending money to family can mean hours of travel to the nearest branch or ATM.
Cashyn was built to close that distance. It turns neighbourhood retailers and micro-entrepreneurs into trusted financial access points where customers can deposit, withdraw, pay bills and transfer money close to home. Cashyn operates as a super-agent for leading banks and mobile wallets, extending the reach of regulated financial institutions deep into rural Pakistan, and its digital e-KYC gets new merchants live in seconds rather than days.
That proximity matters most for those who face the steepest barriers to formal finance. Women in Pakistan remain far less likely than men to have a financial account, and for many women outside major cities, a trusted shop in their own neighbourhood is far easier to reach than a distant bank branch.
Through its rapidly growing nationwide merchant network, that vision is becoming reality, one merchant, one transaction and one community at a time. Since its launch in 2025, Cashyn has built a network of more than 16,000 active merchants across 120+ cities, processed over 37 million transactions and moved more than PKR 91 billion. Of that, PKR 52 billion, or 57%, has come from rural and remote areas, which is proof that financial inclusion can be built at scale.
The same network also powers QSPL’s corporate cash collection service, which is the core of its enterprise business. Pakistani companies with large retail and distribution footprints have long depended on cash-in-transit operations: armoured vans, manual counting and end-of-day reconciliation. The process is slow, expensive and exposed to theft, fraud and human error.
QSPL replaces it with a distributed collection network. Through more than 4,000 designated retail collection outlets nationwide, companies deposit their cash locally and see their funds on a real-time dashboard instead of waiting for reconciliation. Enterprise clients have cut collection logistics costs by up to 60%, and one of Pakistan’s leading apparel retailers has accelerated its daily cash turnaround threefold.
The model works for everyone in the chain. Enterprises move cash faster and more safely. Merchants earn from every transaction they handle. And cash that once moved invisibly through the economy now leaves a transparent digital record.
“This is a big moment for QSPL,” said Muhammad Saad Khan, CEO of QSPL. “To see Cashyn recognised among Pakistan’s leading technology initiatives is not just an award for a product. It is recognition of the mission, the execution, the resilience and the people behind QSPL.
“From building infrastructure on the ground to creating access where traditional financial channels remain limited, we are proving that financial inclusion can be built at scale, and that it is only complete when it reaches every member of a household, including the women. More than half of Cashyn’s volume comes from rural and remote Pakistan. That is not a side effect of our model. It is the model.
“This award belongs to the entire QSPL family: every team member, partner and merchant who has believed in what we are building. It is a major milestone for Cashyn and a defining moment for QSPL. And we are only getting started.”
Building on this recognition, QSPL is accelerating its growth, scaling its cash collection service, Cashyn and Flyp, its enterprise collections and disbursements platform, and expanding its presence in underserved communities across Pakistan.
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