State Bank launches easy mobile phone account

State Bank launches easy mobile phone account

KARACHI: The State Bank of Pakistan (SBP) on Sunday said it is launching a new initiative of Asaan (easy) Mobile Account (AMA) on Monday, December 13, 2021.

The central bank in a statement said that the initiative was developed under the National Financial Inclusion Strategy with the objective to bring further ease in remote account opening under branchless banking.

This means that 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.

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). ForAMA, the branchless banking providers and cellular mobile operators are collaborating to deliver an interoperable platform, allowing any Pakistani to open account with a bank.

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.