Similarly, the Financial Innovation Challenge Fund (FICF), a £ innovation grant facility, was launched by SBP in May 2011, to provide grants to foster innovation and test new markets, lower cost of delivery, enable systems and procedures to be more efficient and provide new ways of meeting the larger demand for financial services.
The first FICF challenge round was held on Financially Inclusive Government to Persons (G2P) Payments. Banks, public sector institutions, Microfinance institutions, government agencies, pension funds, and academic institutions were invited to apply for the promotion of financial inclusive G2P payments through bank accounts at branchless banking outlets and also provide other financial services to the G2P payments beneficiaries.