NIFT

What NIFT does

NIFT (National Institutional Facilitation Technologies (Pvt.) Limited) is Pakistan's only licensed Automated Cheque Clearing House and a State Bank of Pakistan-regulated Payment System Operator (PSO) and Payment Service Provider (PSP) under the PS&EFT Act 2007. Founded in 1995 as a joint venture between a consortium of six major Pakistani banks (including HBL, MCB, UBL, NBP, Allied Bank, and First Women Bank) and private sector entrepreneurs, NIFT operates 27 processing centers serving 42 commercial and microfinance banks plus CDNS across 13,400+ bank branches in 530+ cities and towns in Pakistan and Azad Kashmir. The company processes automated and electronic image-based cheque clearing (IBCS), with the State Bank formally launching the digital cheque clearing system in September 2021.

The company operates three core business lines: NIFT eClearing (automated cheque clearing and IBCS), NIFT ePay (a PSO/PSP-licensed digital payment gateway aggregating bank accounts, wallets, and cards, currently serving 550+ merchants and 21 signed/15 live partner banks), and NIFTeTRUST (Pakistan's first Certificate Authority, originally established under VeriSign as a Global Affiliate, providing SSL/TLS certificates, digital signatures, PKI tokens, and managed PKI services). Its wholly-owned subsidiary ISM (Image Systems Marketing), incorporated in 2000, operates 15 image-processing centers providing high-volume document digitization, archival, and enterprise content management. Significant additional revenue comes from large-scale government projects including NADRA's Citizen's Database (61.58 million census forms archived), BISE Automated Results Compilation across all 9 Punjab Boards, and Land Record MIS for the Punjab Board of Revenue. NIFT holds ISO/IEC 27001:2013 certification and is supported by a 501-1000 employee base headquartered in Karachi.

Revenue is generated primarily through transaction-based fees from cheque clearing across member banks, e-commerce transaction fees from NIFT ePay merchants, recurring subscription revenue from PKI/SSL certificate sales (including DigiCert resale), and project-based professional services for government digitization contracts. The company's go-to-market is anchored by its exclusive SBP regulatory mandate, an unmatched physical processing infrastructure, and direct enterprise sales to banks, financial institutions, merchants, government bodies, and large corporates, supplemented by fintech aggregator partnerships (Keenu, Haball) for distribution expansion.

Name

NIFT

Legal name

National Institutional Facilitation Technologies (Pvt.) Limited

Website

https://nift.pk

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

501–1,000 employees

Short description

NIFT operates Pakistan's only Automated Cheque Clearing House and a SBP-licensed digital payment gateway (NIFT ePay), serving 42 banks across 13,400+ branches and 550+ merchants. It also provides Pakistan's first Certificate Authority (NIFTeTRUST) and document digitization services via subsidiary ISM.

Ownership category

akta.pro rank

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices26 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Infrastructure, Technology or R&D, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Automated Cheque Clearing Services: NIFT charges member banks for cheque clearing processing through its network of 27 processing centers. Banks pay fees per instrument processed. This is the core, longest-running revenue stream, established in 1996/1997. Services are provided to 42 commercial/microfinance banks and CDNS across 13,400+ bank branches.
2. NIFT ePay E-Commerce Payment Gateway: Transaction-based fees charged to merchants and businesses for processing digital payments. NIFT ePay services 550+ merchants across categories including Education, e-Commerce, Traveling and Ticketing, Online Investments, Food Industry, and Insurance. Merchants pay per transaction processed through the gateway.
3. Digital Certificate and PKI Services (NIFTeTRUST): Revenue from issuance and renewal of SSL/TLS certificates, Code Signing certificates, and PKI tokens. Services are sold to banks, corporations, and institutions. Used by Federal Board of Revenue, State Bank of Pakistan, Karachi and Lahore Stock Exchanges, and Mercantile Exchange of Pakistan.
4. Utility Bill Processing Services: NIFT provides revenue automation services through scanning and data entry for utility bill stubs. Total value of utility payment processing project is Rs.86 Million per year, processing approximately 5.0 million stubs monthly.
5. Government Project Services: NIFT earns fees for large-scale government digitization projects including NADRA database projects, electoral rolls printing, BISE results compilation, and land record digitization. Project values include Rs.1.73 Billion (LRMIS), Rs.1.3 Billion (BISE 2012-2014), and Rs.240 Million (VeriSys NADRA).

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels4 records

Core offering

NIFT operates Pakistan's only Automated Cheque Clearing House across 27 processing centers serving 42 banks and 13,400+ bank branches, runs the SBP-licensed NIFT ePay e-commerce payment gateway aggregating bank accounts, wallets, and cards for 550+ merchants, and through its NIFTeTRUST division provides Pakistan's first Certificate Authority and PKI services (SSL/TLS, Code Signing, Digital Signature certificates and PKI tokens). Its ISM subsidiary offers large-scale document digitization and enterprise content management, while the FMAP Portal publishes interbank benchmark rates (KIBOR, KONIA, PKRV, SKUK) to Reuters and Bloomberg.

Product overview

NIFT operates as a platform of interconnected financial infrastructure services centered around payment clearing, digital payments, and trust services. The core offerings include: NIFT eClearing (Automated and Electronic-Image Based Clearing across 27 centers serving 42 banks) and NIFT ePay (PSO/PSP licensed e-commerce payment gateway). Under the NIFTeTRUST sub-brand, NIFT resells DigiCert SSL/TLS certificates, Code Signing certificates, Digital Signature certificates, Managed PKI, and PKI tokens (ePass2003). ISM subsidiary provides document imaging, archival, and enterprise content management services for government and corporate clients. The company also operates the FMAP Portal for financial benchmark rates. Services integrate with bank accounts, cards, and wallets across 21 partner banks.

Differentiator

Problem solved

Functional benefit

Brands

• ISM (Image Systems Marketing): Wholly owned subsidiary of NIFT providing image-based document processing services, enterprise content management, scanning equipment sales, customer care support, and high-speed scanner reseller services to the non-financial industry.
• NIFTeTRUST
• NIFT ePay
• NIFT eClearing

Products and services

• NIFT eClearing (Automated Cheque Clearing) NIFT's Automated Cheque Clearing System operates across 27 processing centers in Pakistan, handling electronic/automated cheque clearing for over 13,400 bank branches of 42 commercial and microfinance banks. Services include Outward Clearing collection, processing, Inward Clearing delivery, Returns processing, and net settlement through SBP RTGS.
• Electronic-Image Based Clearing (IBCS) Image-Based Clearing System converting physical cheques into electronic form for processing and fate decision. NIFT collects instruments from banks, scans and processes them in centers, and presents electronic images and data to drawee banks through the NIFT Clearing Web Portal for digital approval and early settlement.
• NIFT ePay Licensed PSO/PSP digital payment gateway authorized by SBP, enabling e-commerce payments via debit/credit cards, bank accounts, and mobile wallets. Servicing 21 signed banks (15 live) and 550+ merchants across Education, e-Commerce, Traveling, Ticketing, Online Investments, Food Industry, and Insurance categories, with multi-integration support via Payment APIs, Mobile SDK, Hosted Checkout, and Page Redirection.
• NIFTeTRUST Certificate Authority and PKI Services NIFT's Certificate Authority and PKI services division, the first CA in Pakistan established under VeriSign as a Global Affiliate. Provides digital certificates for authentication, encryption, and digital signing to secure commerce and communications over the internet, with a data center certified to X9.79 and ISO-27001 standards.
• FMAP Portal (KIBOR, KONIA, PKRV, SKUK) Web-based portal for Financial Market Association of Pakistan determining and disseminating KIBOR (Karachi Inter Bank Offered Rate), KONIA (Karachi Interbank Overnight Swap Rate), PKRV (Pakistan Revaluation Rate), and SKUK (Government of Pakistan Islamic Bond) daily calculations, distributed to Reuters and Bloomberg.
• ISM Image Archiving and Document Management System NIFT's wholly-owned subsidiary providing image-based document processing, scanning, archival, and enterprise content management services. Operates 15 centers across Pakistan with high-speed scanning capabilities (2000-8000 documents/hour), ICR/OMR data extraction, and partners including NADRA, Mobilink, Telenor, and Adamjee Insurance.
• Contextual Funds Transfer (CFT) Railroad B2B payment railroad designed for supply chain payments, deeply integrated with businesses' ERP and Supply Chain platforms. Based on the ISO 20022 framework, providing real-time confirmations to payers and payees with complete payment context for reconciliation, distributed through the Haball Unified Experience Platform.

Quantifiable outcome

• Reduced human error by approximately 15% in BISE results compilation compared to manual processes
• +5 more outcomes

Named customers24 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature7 records

Partnerships

Eleven partnerships are on record, tiered core.

• EFU LifecoreGTM or Marketing Partner · 17 April 2021EFU Life signed an agreement with NIFT to enable digital payments through NIFT ePay, becoming the first insurance company to partner with NIFT. EFU Life's policyholders can now pay insurance/takaful premiums directly through their bank accounts or wallets on EFU Life's website.
• UBL (United Bank Limited)coreGTM or Marketing Partner · 7 April 2021UBL Digital signed a strategic agreement with NIFT to enable digital payments (mobile/e-commerce) via NIFT ePay. This partnership allows UBL Branch and OMNI customers to conduct secure e-commerce transactions directly through their accounts. NIFT ePay will also be integrated with UBL Digital's internet payment gateway to enable other bank customers to pay online at web stores via account direct debit.
• 1LINK (Guarantee) LimitedcoreStrategic or Co-development Partner · 1 January 2021NIFT and 1LINK signed a MoU under SBP guidance to collaborate on Digital Financial Services. This is the first time in Pakistan's history that two Payment Service Providers/Operators (PSO/PSP) joined hands to build the digital payment ecosystem. The collaboration aims to sustainably increase financial inclusion while protecting users of digital payments, and to enhance and boost the existing digital landscape for the banking industry and end consumers.
• PTCL (Pakistan Telecommunications Company Limited)coreGTM or Marketing Partner · 1 January 2021PTCL signed an agreement with NIFT to enable and promote its online bill payment platform through NIFT's ePay digital payment gateway on PTCL's website. PTCL customers can now make online payments using any bank account in Pakistan for e-commerce transactions on PTCL's website.
• HaballcoreStrategic or Co-development Partner · 30 April 2020NIFT and Haball, a B2B FinTech and Corporate Aggregator, joined hands to introduce Contextual B2B Payments through NIFT's Digital Financial Services platform. Haball's Unified Experience Platform provides a complete payment solution integrated with businesses' ERP/Supply Chain platforms. The Contextual Funds Transfer (CFT) railroad, based on ISO 20022, captures complete context throughout B2B payment lifecycle, enabling real-time reconciliation.
• The Bank of Punjab (BOP)coreGTM or Marketing Partner · 7 March 2020The Bank of Punjab (BOP) entered into an agreement with NIFT for NIFT ePay DFS payment platform. BOP is the seventh largest commercial bank in Pakistan with over 600 branches and 2 million+ customers. The partnership allows BOP customers access to thousands of digital merchants on NIFT's ePay platform and enables BOP's corporate portfolio to accept digital payments.
• KeenucoreStrategic or Co-development Partner · 25 February 2020NIFT and Keenu signed a strategic alliance for enabling digital commerce payments through NIFT ePay. Keenu is a fintech with POS machines at 7,000+ merchants and the NetConnect online payment method, with in-principal approval for an EMI license. After this agreement, Keenu's NetConnect payment method utilizes NIFT ePay's gateway for processing account-based payments from member banks for its merchants, targeting cash-on-delivery reduction in Pakistan's e-commerce.
• Allied Bank LimitedcoreGTM or Marketing Partner · 30 January 2020NIFT and Allied Bank signed a strategic agreement to enable digital payments (Mobile/e-Commerce) through NIFT ePay. Allied Bank is one of the largest banks in Pakistan with 1,350+ branches and 3.5 million customers. The agreement enables Allied Bank account holders to make payments on NIFT ePay platform and allows Allied Bank to offer online collections to its corporate and business relationships.
• Askari Bank LimitedcoreGTM or Marketing Partner · 26 December 2019Askari Bank signed an agreement with NIFT for digital commerce payments through NIFT ePay. This arrangement empowers AKBL customers to make e-commerce and corporate payments and allows Askari Bank to enter the online acquiring business.
• TPS (Transaction Processing System)coreTechnology or Integration · 28 March 2018NIFT and TPS entered a strategic partnership on March 28, 2018 to build a Digital Financial Services Platform in Pakistan. TPS is a leading payments technology company powering digital payments for commercial and central banks, telecoms, processors and financial institutions for over 20 years. TPS built and maintains NIFT ePay's complete technology stack including the payment gateway infrastructure, enabling NIFT to offer new-age digital financial services.
• DigiCert Inc.coreTechnology or IntegrationDigiCert is the world's premier provider of high-assurance digital certificates, providing trusted SSL, private and managed PKI deployments, and device certificates for the IoT market. NIFT resells DigiCert SSL/TLS certificates, Code Signing certificates, Verified Mark Certificates, and related products through its NIFTeTRUST platform as the sole provider in Pakistan.

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• NCR Corporation: Global provider of cheque processing hardware, image-based document processing, and self-service banking solutions. ISM has worked as a subcontractor to NCR on telecom digitization; NCR's cheque scanning/sorting product line is directly comparable to NIFT's clearing center equipment and image archiving stack.
• ACI Worldwide: Global real-time electronic payment and banking software provider operating clearing and fraud management solutions for ACH and real-time payment networks worldwide. Comparable as an established clearinghouse/payments technology incumbent serving banks.
• SWIFT: Global provider of secure financial messaging, clearing, and settlement infrastructure used by banks for interbank transactions. Comparable as a broad incumbent in interbank clearing/settlement messaging adjacent to NIFT's ACH.
• FIS (Fidelity National Information Services): Major global financial technology provider of payment processing, banking, and capital markets infrastructure, including ACH/clearing and digital commerce solutions for banks and merchants. Comparable as a broad incumbent in payment infrastructure.

Direct peers

• TPS (Transaction Processing Systems): Strategic technology partner that built NIFT ePay's payment gateway stack. TPS powers digital payments for commercial and central banks, telecoms, and processors globally and is a like-for-like payment gateway and switching technology peer.
• 1LINK (Guarantee) Limited: Pakistan's other licensed PSO/PSP and direct competitor to NIFT in payment switching and processing. 1LINK operates Pakistan's main ATM switch and bill payment aggregator network; NIFT and 1LINK signed an MoU in 2021 to collaborate, but they compete on shared digital payment rails.

Others

• DigiCert: World's premier provider of high-assurance digital certificates and PKI, and NIFT's upstream SSL/code signing/VMC partner. Comparable as the upstream certificate authority whose products NIFTeTRUST resells in Pakistan.

Emerging players

• Haball: Pakistani B2B fintech and corporate payments aggregator partnering with NIFT on Contextual Funds Transfer. Comparable as an emerging player in interoperable B2B payments and ERP-integrated supply chain finance.
• Keenu: Pakistani fintech with 7,000+ POS merchants and NetConnect online payment method, in a strategic alliance with NIFT ePay for account-based processing. Comparable as an emerging payments player with overlap on account-to-account digital payments.
• PayFast (Pakistan): Pakistani payment gateway aggregator offering account, card, and wallet-based checkout similar to NIFT ePay. Comparable as an emerging regional payment gateway competing for the same merchant and bank integrations.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/nift.pk
• LinkedInlinkedin.com/company/nift

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NIFT