KARACHI: The State Bank of Pakistan (SBP) will launch a new initiative Asaan Mobile Account (AMA) today (Monday). The initiative has been developed under the National Financial Inclusion Strategy with objective to bring further ease in remote account opening under branchless banking.

The customers would be able to open and operate their accounts in the comfort of their homes, without having to visit the branches, with any of the participating branchless banking providers.

VRG Pakistan to launch 'Asaan Mobile Account'

The solution has been developed through a collaboration of SBP, Pakistan Telecommunication Authority (PTA), National Database and Registration Authority (NADRA), 13 Branchless Banking (BB) Providers, all Cellular Mobile Operators (CMOs) and Virtual Remittance Gateway (VRG).

For AMA, the branchless banking providers and cellular mobile operators are collaborating to deliver an interoperable platform, allowing any Pakistani to open account with a bank. SBP believed that AMA will play a crucial role in reaching out to the low-income segments that do not have access to internet. Moreover, AMA will be a perfect conduit to onboard women customer segments as well.

Copyright Business Recorder, 2021