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SBP Launched Asaan Mobile Account For Branchless Banking

SBP Launched Asaan Mobile Account For Branchless Banking

KARACHI: The State Bank of Pakistan (SBP) has launched the Asaan Mobile Account (AMA). Previously, a recent advancement To Speedup House Financing SBP Increased Banks Exposure Limits To 25%, and now this Asaan Mobile Account By SBP allows customers to enjoy branchless banking services. The client can get their account opened by simply dialing *2262# with their mobile phone and following the instructions, a statement released by the central bank said. According to the central bank, the AMA is quite simple to use and because of its simplicity, more than fifty million new customers can be brought into the banking system of the country. After opening the account the account holder will take the help of a branchless banking agent to deposit money in his account or make some transaction.

Speaking on the occasion the Governor State Bank of Pakistan Raza Baqir said that the AMA would play an important role in the expansion of financial services in the length and breadth of the country. He said, "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,". He further added that there is no requirement of internet services for opening an account and simply dialing the above-said USSD code from any mobile phone would serve the purpose.

The statement of the central bank further added, "AMA has been launched with the key support of various stakeholders including Pakistan Telecommunication Authority (PTA), National Database and Registration Authority (NADRA), Branchless Banking (BB) Providers, Cellular Mobile Operators (CMOs) and Virtual Remittance Gateway (VRG),".The governor further added that Assan mobile account will also bridge the gap between the total mobile subscribers that count to 187 million with only 48% having internet facility. He said, "This gives us the potential market of around 81 million mobile subscribers who don’t have internet access and could become users of AMA if provided with the right value proposition,". It was also informed that the customer will be having a choice to choose any one of the thirteen registered branchless banking services providers.

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