KARACHI – The state bank asaan mobile account is launching a new initiative today (December 13th), the Asaan Mobile Account (AMA). How to Create Asaan Mobile Account The initiative was developed as part of the National Financial Inclusion Strategy with the aim of further simplifying remote account opening in branchless banking, according to a press release published here on Sunday. With AMA, customers could open and manage their accounts from the comfort of their own home, without having to visit the branch, with one of the participating branchless bank providers. The solution was developed in cooperation with SBP, Pakistan Telecommunication Authority (PTA), National Database and Registration Authority (NADRA), 13 non-branch banking providers (BB), all mobile network operators (CMOs) and Virtual Remittance Gateway (VRG). For AMA, the non-industry banking providers and mobile operators are working together to provide an interoperable platform that enables any Pakistani to open an account with a bank. AMA will play a critical role in reaching low-income segments who do not have access to the internet. In addition, AMA will be a perfect channel to bring female customer segments on board as well.
According to a statement from the central bank, AMA allows a branchless bank account to be opened by dialing a simple code * 2262 # on their mobile phone.
The account holder can then deposit money into his account at any branchless bank agent and use it for transactions via the mobile phone.
The central bank wants to achieve the goal of the National Financial Inclusion Strategy (NFIS) to promote digital financial inclusion in the country. by AMA.
“AMA was launched with key support from various stakeholders including the Pakistan Telecommunication Authority (PTA), the National Database and Registration Authority (NADRA), Branchless Banking (BB) Providers, Cellular Mobile Operators (CMOs) and Virtual Remittance Gateway ( VRG), “was the statement.
During the ceremony, a Memorandum of Understanding (MoU) was signed by 13 branchless banking service providers to reaffirm their commitment to facilitate customers through continuous collaboration for more innovation in line with the NFIS vision.
On this occasion, SBP Governor Dr. Reza Baqir to the stakeholders for their contributions that led to the successful start of the AMA initiative.
“AMA is expected to lead to a significant increase in bank account opening and the lack of internet access or proximity to branch / bank branches would no longer hinder Pakistani access to financial services,” he said, adding that accounts are now becoming easy Dialing a USSD code * 2262 # from any mobile phone (smartphone or simple feature phone) opened over any cellular network without the need for an internet connection.
At this point it is important to mention that customers have the option of choosing from one of the 13 branchless banking service providers currently offering AMA.
Baqir stressed that the AMA would play an important role in improving digital access and the use of formal financial services in the country.
He added that however, Pakistan has over 187 million biometrically verified cellular subscribers with a telephoto density of around 85%; there are only 106 million 3G / 4G subscribers with 48% mobile internet penetration.
“This gives us the potential market of around 81 million mobile subscribers who do not have Internet access and who, with the right value proposition, could become users of AMA,” he said.
The central bank said AMA will especially help low-income segments with non-digital phones and no internet access to enjoy banking because it offers a simpler process like dialing a code to access financial services.
In addition, the newly launched initiative will be a very suitable platform to also take Pakistani customer segments on board, as they face major obstacles in accessing formal financial services due to mobility, culture and documentation problems.
AMA will help bring the next 50 million Pakistanis into the banking sector with its ease of use.
This initiative is also in line with the government’s holistic approach to the Digital Pakistan Initiative to improve access and connectivity, digital infrastructure and innovation.