Asaan Mobile Account to bring 50m Pakistanis under banking ambit
The Asaan Mobile Account(AMA) with its ease of use will be instrumental in bringing the next 50 million Pakistanis under the banking ambit, said the State Bank of Pakistan Governor Dr. Reza Baqir at the launch ceremony on Monday.
Reza Baqir said,
“The AMA will particularly help low-income segments with non-digital phones and no access to the internet to enjoy financial services as accounts can now be opened simply by dialing a USSD code *2262# from any mobile phone(smart or simple feature phone) through any mobile network, without requiring any internet connectivity.”
Customers will have to choose from any of the 13 branchless banking service providers that are currently offering the MMA.
The SBP governor said that the AMA would play an important role in enhancing digital access and the use of formal financial services. He added,
“Pakistan has over 187 million biometrically verified mobile phone subscribers with a teledensity of around 85 percent. However, there are only 106 million 3G/4G subscribers with mobile internet penetration standing at 48pc.”
“This gives us the potential market of around 81m mobile subscribers which don’t have access to the internet and could become users of AMA if provided with the right value proposition.”, said the governor.
Further, AMA will be the best platform for Pakistani women customer segments as well since they face greater obstacles in accessing formal financial services due to mobility, cultural, and demonstration issues. This initiative is also in line with the government’s holistic approach of Digital Pakistan to enhance access and connectivity, digital infrastructure, and innovation.
Now, the government will also have the option to use this channel for disbursing money under the flagship poverty alleviation Ehsaas Programme to reach 15m beneficiaries.