Technology helping Pakistan to build more millionaires

KARACHI: In Pakistan, technology is bridging the gap and empowering young people from low-income communities to create better livelihoods for themselves. Innovative solutions are equipping these young people with the tools and skills they need to overcome obstacles and build a better future.

Have you ever considered that the kid in the back of the class who appears to be dozing off could be worth millions? That is exactly what is happening in Pakistan right now.

According to Noman Ahmed, the CEO of Si Global, thanks to advances in technology, people from all walks of life are becoming millionaires in Pakistan. Pakistan is seeing an increase in new millionaires not because of, but in spite of, its lack of technological advancement. There are a number of factors at play, but one of the most important is the growing number of Pakistanis who are engaged in tech-related activities.

Ehsan Saya, Managing Director of Daraz Pakistan, believes that eCommerce is one of the great equalisers in today’s online opportunities. “You don’t need a lot of money to sell online.” You’ll need internet access, a phone or computer, and a lot of grit, integrity, drive, and hustle. During these difficult times, online jobs and businesses have emerged as a viable option for individuals. Pakistan has a large population of young, educated, and tech-savvy people who are now using their skills and expertise to work remotely as freelancers or to run their own online businesses. “This gives them the freedom to earn a living from the comfort of their own homes, on their own schedules,” he explained.

Approximately 100,000 sellers from all over Pakistan are currently registered on the platform. According to him, the average income of sellers has increased by 70% in the last three years. This can be attributed to a variety of factors, including increased smartphone and internet penetration.

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“What’s more impressive is that this wealth is being generated in some of the country’s poorest areas,” Si Global CEO said. In Hyderabad, for example, there has been a surge in new millionaires, with many coming from traditional backgrounds such as farming and livestock. Similarly, he explained, Lahore has seen a surge in new entrepreneurs, many of whom are self-made billionaires.

The younger generation recognises the benefits of selling online, such as the ability to reach customers in any part of Pakistan, and is making data-driven decisions to increase sales. The greatest advantage of working online is the ease with which one can learn new skills or upskill through the numerous resources available on the internet.

Recognising Pakistan’s young population’s potential, Daraz University was established in 2018 to provide entrepreneurial education throughout the country, regardless of location. The virtual university provides courses that educate sellers on every step of the business setup process. Approximately 5,000 sellers are educated each month.

The emergence of tech-enabled millionaires from impoverished parts of society has the potential to reshape the country’s political landscape. Once they are free of the burden of basic needs such as food on the table, their participation in politics has the potential to bring about positive change, freeing the country from the grip of a small elite class.

“First and foremost, it is critical to recognise that technology is not a panacea. Yes, it can aid in areas such as communication and transportation. But it’s also important to remember that technology doesn’t always work as we expect,” Ahmed said. There are bugs, breakdowns, and times when people simply cannot afford to keep up with the latest and greatest gadgets.

In many parts of Pakistan, particularly in rural areas, access to technology and the internet remains limited. Furthermore, many people lack the necessary skills and education to take advantage of such opportunities.

To address these challenges, government and private organisations must collaborate to invest, expand access to technology, and train individuals who want to take advantage of these opportunities. “With more and more people rising to the ranks of the middle class, Pakistan is certain to see an increase in economic growth,” said Si Global CEO.