Muhammad Soban

The initiative of the State Bank of Pakistan (SBP) to enhance financial inclusion in the country is progressing well as 3.3 million new mobile accounts are opened so far through Assan Mobile Account (AMA) Scheme, including 40% by women, WealthPK reported.

It is a good sign for the economy that women in Pakistan are showing interest in using financial services. The statistics are encouraging as 40% of these digital account holders are women, which is more than conventional bank account holders that currently stands at 18%.

The State Bank of Pakistan is collaborating with National Database and Registration Authority (NADRA) to enhance financial inclusion across the country. In this regard, NADRA has been helping the central bank to use a digital account through mobile to promote the digital economy.

The AMA, a flagship initiative under the National Financial Inclusion Strategy, was launched by the SBP in collaboration with Pakistan Telecommunication Authority (PTA) and the UK Foreign, Commonwealth, and Development Office (FCDO). As a solution to financial exclusion challenges faced by the unbanked segments, the AMA provides a simple, affordable, and digital way for them to access financial services.

The SBP is promoting the AMA through different media campaigns aiming to build public awareness about the ease of use and simplicity of opening the account by dialing the USSD code *2262# from any mobile phone (smart or simple feature phone) through any mobile network, without the need for internet connectivity.

The customers may select their preferred bank from a list of branchless banking providers and access several banking services, including fund transfers, deposits, bill payments, mobile top-ups, balance inquiries, etc.

To provide digital financial inclusion, a mass media campaign, funded by UK's FCDO is expected to be of great importance, especially among women and low-income groups, who lack internet access and wish for a more straightforward way to access financial services.

In addition, the AMA Scheme is serving as a perfect channel to take women customers onboard due to their mobility and documentation difficulties.

The AMA scheme was introduced on December 13, 2021, with the critical support of the PTA, which ensured the onboarding and integration of all cellular mobile operators (CMOs).

To operationalize the AMA scheme to reach out to every Pakistani to build a prosperous and digitally connected Pakistan, the SBP collaborated extensively with NADRA, branchless banking providers, CMOs, and Virtual Remittance Gateway (VRG) mobile financial services platform.

The State Bank is confident that its nationwide AMA mass media campaign and stakeholder commitment will be instrumental in creating awareness and promoting digital financial services.

Credit : Independent News Pakistan-WealthPk