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Pakistan’s first free Mobile wallet SimSim gets approval from State Bank
L to R: CEO of FINJA Qasif Shahid, CEO of FINCA Microfinance Bank Mudassar Aqil, co-founder of FINJA Monis Rahman and other team members.

Pakistan’s first free Mobile wallet SimSim gets approval from State Bank

SimSim is working under the collaboration between FINJA and FINCA Microfinance Bank Limited

SimSim Mobile Wallet App has received regulatory approval from the State Bank of Pakistan (SBP) on 12th May, 2017. The approval was granted under the Branchless Banking Regulation framework formulated by SBP.

SimSim is a mobile-wallet application, a product of FINJA Pvt Limited in association with FINCA Microfinance Bank Limited, with a vision to empower a common man and facilitate businesses in Pakistan.

Through a mobile application named ‘SimSim’ gives you total control over cashless transactions in Pakistan. SimSim Wallet facilitates a frictionless customer on-boarding experience, allowing your wallet to be opened in under a minute simply using one’s smartphone.

SimSim is connected to other banks through 1-Link for instant transfers, while ATM cards are available for cash withdrawals. Payments through SimSim are free for the receiving and sending users with their mobile numbers acting as bank account numbers

“SimSim’s innovative instant mobile account will go a long way in boosting financial inclusion in the country and digitizing the economy”, M. Mudassar Aqil, CEO of FINCA Microfinance Bank Limited stated.

Discussing future plans for SimSim, Qasif Shahid, CEO of FINJA Pvt. Limited said that SimSim is not simply a product or an app, rather it is a movement to free digital commerce in Pakistan.

Monis Rahman, tech veteran and co-founder of FINJA Pvt. Limited added that the ease of becoming part of the SimSim network positions it as a platform, which users can spread and grow without any friction.

The mobile wallet is a highly innovative, automated process which relies on NADRA integration and machine learning. Anyone with a valid CNIC can create a SimSim branchless bank account, in under one minute, using their internet-enabled mobile phones.

This app successfully completed a beta pilot prior to the formal approval from SBP, and recorded PKR 600 Million in transactions, 30,000 in self-registered mobile wallet accounts and a retail network of 500 participating merchants.

To be a part of the SimSim network, all anyone has to do is download the app from the Apple App Store or Google Play Store and set up their wallet.

About Sana Jamal

Sana Jamal is a journalist from Pakistan who writes for local and international news media. She also manages Islamabad Scene
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