The Asaan Mobile Account will help bring around 50 million Pakistanis under the banking net, hopes the Governor State Bank of Pakistan Dr. Reza Baqir.
While speaking at the launch ceremony of Asaan Mobile Account (AMA) on Monday at the SBP Headquarters in Islamabad, Dr. Baqir said that AMA’s ease of use will prove instrumental will help expand banking ambit across Pakistan, especially low-income segments.
“The AMA will particularly help low-income segments with non-digital phones and no access to the internet to enjoy financial services as accounts can now be opened simply by dialing a USSD [Unstructured Supplementary Service Data] code *2262# from any mobile phone (smart or simple feature phone) through any mobile network, without requiring internet connectivity,” Mr. Baqir elaborated.
Customers will be able to choose from any of the 13 branchless banking service providers that are offering the AMA presently.
Dr. Reza Baqir said that the Asaan Mobile Account would play a vital role in improving digital access and the use of formal monetary services. “This gives us the potential market of around 81m mobile subscribers which don’t have access to the internet and could become users of AMA if provided with the right value proposition,” he said.
Asaan Mobile Account (AMA)is also in line with the government’s all-inclusive approach of Digital Pakistan to boost access and connectivity, innovation, and digital infrastructure. Now, the government will also have the option to use this channel for distributing money under the flagship poverty lessening Ehsaas Programme to reach 15 million recipients.
Moreover, this initiative will be a highly appropriate platform for Pakistani women customer segments too as they face more obstacles in accessing formal financial services due to mobility, documentation, and cultural issues, Dr. Baqir added.
The launching of AMA is being primarily supported by various stakeholders including theNational Data Registration Authority, Pakistan Telecommunication Authority (PTA), Virtual Remittance Gateway (VRG), branchless banking providers, and cellular mobile operators.
The signing of a memorandum of understanding among 13 branchless banking service providers was also witnessed at the ceremony.