Pakistan’s First Free Mobile Wallet, SimSim, is Now SBP Approved
LAHORE – Pakistan’s first ever, free mobile wallet, SimSim, has just obtained regulatory approval from the State Bank of Pakistan.
The sanction was awarded, earlier this month, under the Branchless Banking Regulation network devised by SBP.
SimSim is a result of a mutual collaboration between FINCA Microfinance Bank Limited and FINJA Pvt. Limited. This is the very first time that a bank and a fintech have come together to act as the super-agent of a bank and associated to formulate a digital fiscal product.
The CEO of FINCA Microfinance Bank Limited, Mudassar Aqil stated: “SimSim’s establishing instant mobile account will go a long way in increasing the financial enclosure in Pakistan and digitizing the economy.”
While discussing future charts for SimSim, the CEO of FINJA, Qasif Shahid stated that SimSim is not merely a product or an application; rather it is a progress to free digital commerce in the country.
Co-founder of FINJA and tech veteran, Monis Rehman, added that the effortlessness of becoming part of the SimSim complex places it as a platform, which consumers can increase and grow without any resistance.
SimSim fruitfully accomplished a beta pilot preceding the official approval from SBP and witnessed PKR 600 Million in transactions, 30,000 in self-registered mobile wallet accounts and a retail system of 500 participants.
The mobile wallet is an extremely inventive, automated procedure which is reliant on NADRA incorporation and machine erudition. Anybody with a legitimate CNIC can possess a SimSim branchless bank account (the process taking less than one minute) using their internet-enabled mobile phones.
SimSim is interconnected to other banks through 1-Link for instant transfers, while ATM cards are available for cash extractions. Disbursements through SimSim are free to receive and send for users as the user’s mobile number acts as a bank account number.
To become a part of the SimSim system, all you have to do is go the Apple App Store or Google Play Store on your phone to download the app and set up your mobile wallet.
FINCA Microfinance Bank
FINCA, one of the most rapidly developing microfinance banks with an international presence in 21 countries and a network of 105 branches in 94 cities all over Pakistan. It is the groundbreaking microfinance bank in Pakistan which truly established the first ever complete digital mobile wallet – SimSim.