REPORTS emanating from different parts of the country speak of immense popularity of the newly launched Asaan Mobile Account (AMA) by the State Bank of Pakistan (SBP) with the key support of different banks, Pakistan Telecommunication Authority, National Database and Registration Authority, branchless banking providers, cellular mobile operators (CMOs) and Virtual Remittance Gateway (VRG).
The initiative is expected to bring about a revolutionary change in efforts to improve access of the people to digital services and promote the cherished objective of financial empowerment of masses.
This teamwork of some of the major players in the country is historic in nature as it would allow millions more to benefit from financial services as Internet access would not be a barrier.
The scheme would ensure ease of doing financial transactions as the account holder will be able to deposit money in his or her account at any branchless banking agent and use the same for transactions through mobile phone.
AMA allows opening of a branchless banking account by dialing a simple code *2262# on a mobile phone.
Customers will have the choice to choose from any of the 13 branchless banking service providers that are currently offering AMA.
As has been pointed out by SBP Governor Dr.Reza Baqir, the 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.
It might also help reduce significantly the pressure of work on officials of bank branches where people used to visit in large numbers daily and formed queues while waiting for their turn to complete a somewhat cumbersome procedure for opening of accounts.
PTA, NADRA and mobile phone operators were already working hard to offer innovative but easiest banking and e-commerce solutions to the people and this latest initiative with the active collaboration of VRG, a subsidiary of the country’s credible Pathfinder Group, headed by prominent analyst and security expert Ikram Sehgal, which is instrumental in providing mobile financial services platform for banking customers, and is Pakistan’s only commercial licensed Third-Party Service Provider (TPSP).
The new initiative would surely go a long way in developing the economic system, reducing transactions in hard cash, avoiding chances of money theft, enabling people to pay their utility bills with greater ease and allowing employers to disburse salaries and pensions via the new application.
