In a widely welcome move, State Bank of Pakistan (SBP) has approved mobile wallet app SimSim. The regulatory authority has given its approval under the Branchless Banking Regulation framework formulated by SBP. The app has been given a nod after a long beta-phase that saw the app gained 500 merchants and Rs600 million in transaction with 30,000 associated wallets.
What is SimSim?
SimSim is a collaboration between FINCA Microfinance Bank Limited and FINJA Pvt. Limited. FINJA is a Pakistani fintech having a mission to free digital markets within Pakistan. SimSims has been developed as a complete money management digital solution. The vision behind the app remains:
“free digital payments to escalate the growth of a cashless economy with ease and convenience for the users”.
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Smart phones, a good regulatory body, and internet penetration have created an opportunity where mobile wallet apps can help the economy become cashless and become digital and more convenient. The app is enabling already tech savvy users to quickly become educated about digital payments.
The app allows anyone with a valid national identity card to create a branchless banking account in under one minute. This is backed up by an extensive and innovative authorization process that links NADRA database for user authentication.
SimSim is using 1-link connectivity to link the financial transactions with other banks. Money can be drawn out of any ATM machine that is connected on the 1-link network through a special ATM card. There are currently no charges applicable to both the sender and receiver during the transaction. Mobile phone number is considered as the bank account number of a user.
SimSim’s future vision
M. Mudassar Aqil, CEO of FINCA Microfinance Bank Limited stated:
“SimSim’s innovative instant mobile account will go a long way in boosting financial inclusion in the country and digitizing the economy”.
Qasif Shahid, CEO of FINJA Pvt. Limited said that SimSim is a movement to free digital commerce in Pakistan.