On SPOTLIGHT DAY World Economic Forum’s (WEF) EDISON Alliance Celebrates the Success of the Asaan Mobile Account (AMA) Scheme in Pakistan Organized by the World Economic Forum’s EDISON Alliance, in partnership with the Virtual Remittance Gateway (VRG), a SPOTLIGHT DAY on Pakistan’s AMA Scheme took place on the other day.
The event, “Bridging the Financial Inclusion Gap in Pakistan,” brought together key figures from prominent government offices and private sector entities, including Fortune 500 companies, to commemorate the triumph of “Financial Inclusion and Women Empowerment” in Pakistan.
Regulated by SBP and PTA, the AMA initiative has been developed to provide essential financial services to underserved and unbanked populations. Powered by VRG, this “Banking the Unbanked.” Scheme. In collaboration with the WEF’s EDISON Alliance is in alignment with Pakistan’s ‘National Financial Inclusion Strategy’ (NFIS) which champions financial inclusion, women’s empowerment, and community upliftment, drive both economic and social progress within Pakistan.
Lauding the dedication of the AMA Scheme initiative to promote Digital Financial inclusion in Pakistan. Claude Dyer, Head of WEF’s EDISON Alliance thanked ZarrarSehgal, Chairman Pathfinder Group and VRG, for their successful collaboration and expressed wholehearted support for future initiatives from Pakistan. In order to achieve 1 BILLION LIVES challenge & VRG’s commitment towards 35 Million new digital banking accounts in Pakistan by 2025.
ZarrarSehgal highlighted the importance of digital financial inclusion, emphasizing AMA’s success as a testament to the technological expertise present in Pakistan. He stressed that this homegrown product could serve as a low-cost model not only for domestic use but also for export to aid developing countries in integrating their underprivileged and unbanked populations into the financial network.
PM Anwaar-ul-HaqKakar of Pakistan recognized the AMA Scheme as a key component of the NFIS and acknowledged the substantial success of the “Banking the Unbanked” initiative, which has increased women’s participation to 38%. He highlighted the remarkable ease with which any Pakistani with a valid National ID card can now digitally open a bank account in under two minutes, even without internet access.
The PM underscored the dual purpose of the AMA, simplifying bank account operations and promoting many-to-many models for social welfare, lending, insurance, and more. He expressed the intent to transparently process home remittances and emphasized the potential for global replication of this success with support from international organizations, all in a bid to provide hope and financial access to the underprivileged.
Finance Minister of Pakistan, DrShamshadAkhtar commended the EDISON Alliance for its commitment to inclusive digital inclusion for the unbanked in developing countries. Highlighting making bank accounts accessible to all Pakistanis on the AMA Scheme, particularly women. Dr. Akhtar also acknowledged the transformative role of Benazir Income Support Programme (BISP) in improving the lives of Pakistan’s poorest through access to education, healthcare, and poverty alleviation.
In his keynote presentation, CEO VRG Muhammad Salman Ali highlighted VRG’s achievement as the first Payment System Operator (PSO)/Payment Service Provider (PSP) and Third-Party Service Provider (TPSP) to migrate to the cloud with SBP approval.
The AMA Scheme has significantly contributed to the many-to-many model, acting as a catalyst for financial inclusion and digital transformation in support of Pakistan’s ‘Financial Inclusion Strategy.’
VRG’s accomplishments has opened new avenues for the underprivileged and is serving as a milestone for empowering both men and women.
Deputy Governor SBP SaleemUllahKhan, emphasized the importance of VRG’s interoperability platform in simplifying financial transactions by the flexibility of the interoperability platform, which allows individuals to link their accounts across different banks, making agent-to-agent transactions both hassle-free and cost-effective.
He commended RAAST and AMA Scheme as pivotal elements in digital financial services that have significantly contributed to financial inclusion.
