The State Bank of Pakistan (SBP) has launched the Asaan Mobile Account (AMA) to enable opening of branchless banking accounts and allow the account holder to deposit money in his or her account at any branchless banking agent and use the same for transactions through mobile phone.
Asaan Mobile Account (AMA) is an initiative of State Bank of Pakistan (SBP) to achieve National Financial Inclusion Strategy (NFIS) target of promoting digital financial inclusion in the country. AMA has been launched with the key support of various stakeholders including PTA, NADRA, Branchless Banking (BB) Providers, Cellular Mobile Operators (CMOs), and Virtual Remittance Gateway (VRG).
The launch ceremony of the Asaan
Mobile Account (AMA) was chaired by Dr. Reza Baqir, Governor SBP, and addressed
by Ms. Sima Kamil, Deputy Governor SBP, Chairman PTA Major General (R) Amir
Azeem Bajwa HI (M), Chairman NADRA Mr. Muhammad Tariq Malik and Mr. Ikram
Sehgal, Chairman VRG.
The ceremony also witnessed
signing of a Memorandum of Understanding (MoU) among 13 branchless banking
service providers. The MoU was signed to affirm its commitment to
facilitating customers through continued collaboration for more innovations in
line with NFIS vision.
Dr. Reza Baqir thanked the
stakeholders for their contributions that culminated in the successful launch
of the AMA initiative. He said that AMA is expected to bring a significant
increase in bank account opening and the lack of internet access or proximity
to branchless banking outlets/bank branches would no longer be barriers for
Pakistanis to access financial services.
The Asaan Mobile Account can be
opened and operated through USSD code *2262# from any mobile phone (smart or
feature phone) with any network, without requiring the use of internet
connection. The customers will have the choice to select any of the 13
branchless banking service providers that are currently offering AMA series.
Governor Baqir highlighted that the AMA would play an important role in enhancing digital access and use of formal financial services in the country. He added that Pakistan has over 187 million biometrically verified mobile subscribers with a Tele-density of around 85%, however; there are only 106 million 3G/4G subscribers with mobile internet penetration standing at 48%. This gives us the potential market of around 81 million mobile subscribers who don’t have access to internet and could become users of AMA if provided with the right value proposition.
AMA will particularly help low-income segments with non-digital phones and no access to the internet to enjoy banking as it offers a simpler process, such as dialing a code, to avail of financial services. Moreover, AMA will be a highly suitable platform to onboard Pakistani women customer segments as well since they face greater obstacles in accessing formal financial services due to mobility, cultural and documentation issues. AMA with its ease of use will be instrumental in bringing the next 50 million Pakistanis under the banking ambit.
This initiative is also in line
with the Government of Pakistan’s holistic approach of the “Digital Pakistan”
initiative to enhance access & connectivity, digital infrastructure, and
innovation. Now, the Government will also have the option to use this channel
for disbursing money under the flagship poverty alleviation Ehsaas Program to
reach 15 million beneficiaries.
How AMA works?
Through the Asaan Mobile Account
(AMA) platform, any Pakistani holding a valid CNIC can open a bank account
digitally in any AMA participating bank, from anywhere, at any time, by using
the SIM of any mobile operator. The scheme allows individuals to access the AMA
platform using a short code, i.e., *2262#, and make transactions through their
basic/smart mobile phone without the need for internet connectivity.
AMA Services
·
Send Money: Transfer funds
to any bank account maintained at any Pakistani bank in a secure manner from
your phone.
·
Bill Payment: Pay mobile
top-up and utility bill payments (electricity, telephone, gas, etc.) with ease
from your phone.
·
Balance Inquiry: Inquire
the balance of funds in your account instantaneously from your phone.
·
Change Account PIN: Change
your bank account PIN code securely with ease from your phone.
·
Mini Statement: Obtain a
statement of account activity instantaneously from your phone.
·
Account Closure:
Instantaneously close your account from your phone.
Opening an account through AMA is
extremely easy and quick, while it also provides the facility to link your existing
Branchless Banking. AMA will play a crucial role in reaching out to the
low-income segments that do not have access to the internet. Moreover, AMA will
be a perfect conduit to onboard women customer segments as well.
Reza Baqir Unveils Asaan Mobile Account
Governor State Bank of Pakistan, Dr. Reza Baqir, unveiled the Asaan Mobile Account (AMA) in a launch ceremony held at SBP headquarters in Karachi. While speaking at the occasion, Dr. Reza Baqir thanked the stakeholders for their contributions that culminated in the successful launch of the AMA initiative. He said that AMA is expected to bring a significant increase in bank account opening, and the lack of internet access or proximity to branchless banking outlets/bank branches would no longer be barriers for Pakistanis to access financial services.
Governor Baqir highlighted that
the AMA would play a significant role in enhancing digital access and the use
of formal financial services in the country. He added that Pakistan has over
187 million biometrically verified mobile subscribers with a Tele-density of
around 85 percent, however, there are only 106 million 3G/4G subscribers with
mobile internet penetration standing at 48 percent. This gives us the potential
market of around 81 million mobile subscribers who don’t have access to the
internet and could become users of AMA if provided with the right value
proposition, he added.
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