MoiTT Orders Third-Party Audit of Cashless Economy Project to Ensure Transparency

The Ministry of Information Technology and Telecommunication has decided to conduct a third-party audit of the government’s flagship Cashless Economy Project to ensure transparency, effective implementation, and measurable outcomes, according to official documents.

The ministry has invited consultancy firms to submit proposals for the audit, which will be carried out through an international competitive bidding process. The audit aims to provide an independent review of the project’s transparency, execution, and results, assessing whether its objectives and strategies are being achieved effectively.

Documents reveal that the selected firm will examine the project’s institutional framework, governance structure, and coordination mechanisms among various stakeholders. It will also evaluate the impact of stakeholder participation, along with key factors such as financial inclusion, gender equality, and regional accessibility.

The consultancy will further submit recommendations for policy reforms, implementation systems, and monitoring mechanisms. As per the plan, the firm will deliver five reports over six months, with an initial report due within one week and the final report to be completed within six months.

The government has already formulated a comprehensive national strategy for transitioning toward a cashless economy, identifying Digital Public Infrastructure (DPI) as its foundation. Through the RAAST platform, citizens will be able to make digital payments and access public services through a single digital sign-in.

The initiative also includes efforts to expand digital payment systems for merchants nationwide, supported by reductions in duties on payment devices and lower transaction fees. Additionally, the removal of Right of Way (RoW) charges has accelerated fiber optic deployment, with Railways, NHA, and CDA issuing zero-fee notifications.

According to the documents, the prime minister oversees the project’s progress, with three subcommittees working under his direction. These committees are led by the governor of the State Bank, the Minister for IT, and the Finance Secretary, respectively, ensuring coordinated implementation of Pakistan’s move toward a digital, cashless economy.

Also read:

Pakistan Launches Independent Audit to Assess Cashless Economy Progress and Impact